New 1% Stamp Duty Threshold - £175k

lozza23_uk · 2 Sep 2008 at 12:04

It all seems a bit pointless to me. a pause on stamp duty i dont think is enough of an incentive to get people to instantly start buying houses again. a saving of 1500quid? seems minimal to me compared to the over inflated price of the low end of the market to start with.

Soulja said:
So what does this do for 1st time buyers who are on a low income and can't afford to buy a 'new' house? Do we not get any help at all?

if they are offering interest free loans (yet to read any articles on the subject) isn't this "help"?

or save up the deposit, like the good old days (not that I am old, but I did save my deposit)

but then interest rates are going to kill that for you.

rent?

Jonnycoupe · 2 Sep 2008 at 12:04

There more meat been thrown at the homebuy schemes, it also now has homebuy Direct for new properties where the loan has no charges in the first 5 years.

Traditionally the homebuy scheme was 50:50 which 50% mortgage and 50 rented. You could also do openmarket homebuy on any property rather than new builds with 25% equity loan, so you mortgaged 75% and the lender and housing association lent you 12.5% each charge free for 3 years, year 4 would then have a 1% charge on the equity loan, year 5 2% and then sat at 3% for 6 onwards. The lenders and HA would get the equity back when you sell up.

Im interested to see what the Homebuy Direct scheme is, as it initially suggests all of the mortgage? Only thing I can see now is that its for new builds for incomes below £60k!

The £167k 3 bed round the corner has just got even more tempting for me.

Soulja · 2 Sep 2008 at 12:07

lozza23_uk said:
if they are offering interest free loans (yet to read any articles on the subject) isn't this "help"?

Aren't the loans only for 'new' houses though?

Meh i'll give them a call when the scheme starts tomorrow.

NickK · 2 Sep 2008 at 12:07

Soulja said:
So what does this do for 1st time buyers who are on a low income and can't afford to buy a 'new' house? Do we not get any help at all?

You forget - this is aimed at saving the investors butts rather than helping the individual. The government is bailing out the housing industry who have been building with investment cases so far out of line with real world economics.

The government is not holdng those leaders of industry responsible for their own actions - partly because to let the industry fail causes a recession and partly because those leaders pay large party contributions..

Von Smallhausen · 2 Sep 2008 at 12:08

Too little too late and highlights Labour's panic.

platypus · 2 Sep 2008 at 12:08

Soulja said:
So what does this do for 1st time buyers who are on a low income and can't afford to buy a 'new' house? Do we not get any help at all?

Why would someone who can't afford a new house become a first time buyer?

Owning a house is not a right, it is a privilege.

lozza23_uk · 2 Sep 2008 at 12:09

Soulja said:
Aren't the loans only for 'new' houses though?

Meh i'll give them a call when the scheme starts tomorrow.

The difference in price between a new home and an old one?

NickK · 2 Sep 2008 at 12:10

platypus said:
Why would someone who can't afford a new house become a first time buyer?

Owning a house is not a right, it is a privilege.

Whole heartedly agree there..

lozza23_uk · 2 Sep 2008 at 12:12

platypus said:
Why would someone who can't afford a new house become a first time buyer?

Owning a house is not a right, it is a privilege.

i aggree. but then a lot of things in life are the same now. people expect a whole lot of stuff, for not a whole lot of work.

utherpendragon · 2 Sep 2008 at 12:13

Soulja said:
So what does this do for 1st time buyers who are on a low income and can't afford to buy a 'new' house? Do we not get any help at all?

sorry but the whole 'credit crunch (am i the only one who hates the term) was caused by lending to lower earners who would be most affected by an economic downturn, why would the government encourage these into the market?

Jonnycoupe · 2 Sep 2008 at 12:13

Soulja said:
Aren't the loans only for 'new' houses though?

Meh i'll give them a call when the scheme starts tomorrow.

The homebuy schemes have been running for a while now, and openmarket covers the full market of new and resales.

oOYoDaOo · 2 Sep 2008 at 12:13

I am due to complete the purchase of my first house in about a week, so this is very welcome news!

Soulja · 2 Sep 2008 at 12:15

platypus said:
Why would someone who can't afford a new house become a first time buyer?

Owning a house is not a right, it is a privilege.

Because we don't want to bring our daughter in a cramped room? and the councial don't want to help us.

We can afford it but it wouldn't leave us with much at the end of the month, a bit of help from the goverment who me and my gf pay taxes to would be nice.

platypus · 2 Sep 2008 at 12:20

Soulja said:
Because we don't want to bring our daughter in a cramped room? and the councial don't want to help us.

We can afford it but it wouldn't leave us with much at the end of the month, a bit of help from the goverment who me and my gf pay taxes to would be nice.

If you need more room, rent bigger.

Everyone owning a house is a nice ideal, but it is not a right. And the government helping you simply because you've had a baby is insulting to everyone else who doesn't, aka tax breaks for married couples.

Jonnycoupe · 2 Sep 2008 at 12:26

Soulja said:
Because we don't want to bring our daughter in a cramped room? and the councial don't want to help us.

We can afford it but it wouldn't leave us with much at the end of the month,

Thats more than some have, including those without 46 or 52"? Sony W4000 TV's. If you didnt want to bring her up there and could afford it you wouldnt be in that room and already have sorted a place out?

Have a nose around for the open market homebuy, although isn't the government doing enough by screwing up the economy after raiding the pension tax incentives for the falling prices to help?

Soulja · 2 Sep 2008 at 12:27

platypus said:
If you need more room, rent bigger.

Everyone owning a house is a nice ideal, but it is not a right. And the government helping you simply because you've had a baby is insulting to everyone else who doesn't, aka tax breaks for married couples.

The goverment don't help us, though it would be nice for a bit of help. I'm not asking for them to give us a house for free.

Not everyone can get well paid jobs, and thus being able to buy whatever they want. Some of us have to do the hard working low paid jobs and get naff all. Surely you'd want to see your taxes helping a hard working couple with a family rather than a non working chav who gets a house and benifits?

lozza23_uk · 2 Sep 2008 at 12:30

not meaning to sound a bit off, you own an XBOX 360? a Playstation 3?, but "YOU" want a little extra "GOVERNMENT" assistance for your daughter.

rent bigger/spend smarter.

Soulja · 2 Sep 2008 at 12:31

Jonnycoupe said:
Thats more than some have, including those without 46 or 52"? Sony W4000 TV's. If you didnt want to bring her up there and could afford it you wouldnt be in that room and already have sorted a place out?

Have a nose around for the open market homebuy, although isn't the government doing enough by screwing up the economy after raiding the pension tax incentives for the falling prices to help?

We can't afford it or we wouldn't be living here? Also that was at a time when things was on the up but as for a lot of people it quickly came falling back down. Most of the good things we have have been sold to help towards a deposit. Also i had the ps3/360 before my gf was even pregnent.

Jonnycoupe · 2 Sep 2008 at 12:38

It was a question as you have stated:

a) a desire to get out of your room ( i noticed you have ManU wall paper on one thread, are you still with your parents)

b) you could afford it

Therefore the rational behind my statement was why not move to somewhere more suitable, hence the question mark at the end.

Is the issue you want to move directly to your own home rather than renting? I think I must be missing something here :confused:

Soulja · 2 Sep 2008 at 12:43

You're missing a lot but i'm not here to state all the problems my family have in life.

We could afford it but we'd have nothing at the end of the month, so we are saving for a bit longer, i am not expecting anything from the goverment, we never was, otherwise we wouldn't be saving would we? I do have a desire to get out, but i need the means to be able to do it. If the goverment can help then great, if not we save a bit longer.