Home Ownership Schemes

[rossk26]

Sure the scheme are promoted but try and reserve a plot/house of your choice and see what happens.

New builds around my area are plummeting, they are desperate to sell. A work colleague recently bought a house in July last year and paid £136k, which was a discount on the advertised price, and also got every floor fitted with carpet/laminate, kitchen fittings of her choice...

Now they are selling the exact same houses for £115k and I'm fairly sure they would accept lower too. They will also do the same as above in regards to the flooring and kitchen!

It's still most definitely a buyers market, and I'm sure a builder would take anything if you wanted to reserve a plot!

 

[Maccapacca]

Wholly dependent on location.

Heard of estates of houses where phase 1 sold for x now phase 5 is selling the same house for 40% less and the buyers have to drive past the advertising with the new price on every day probably twice a day, not funny.

 

[krooton]

Wholly dependent on location.

Heard of estates of houses where phase 1 sold for x now phase 5 is selling the same house for 40% less and the buyers have to drive past the advertising with the new price on every day probably twice a day, not funny.

Location indeed, we bought in phase 1 of a London/Surrey border development. It's now in the final phase 3 years later, and brand new 1-beds are going for 15% more than we paid.

 

[MatteH Oxford]

Cracking: http://quantitativepolitics.blogspot.co.uk/2013/03/help-to-buy.html

 

[HangTime]

When I looked at it there was only certain mortgages available with these schemes which charged more. It does sound better that it will be possible to use them on non over inflated new builds.

Yep I looked into it a few years ago and back then the problem was that you couldn't just pick any standard mortgage and get the scheme to stump up some of the cash, it had to be from specific lenders and perhaps specific products that weren't necessarily the most competitive. We didn't need the cash but on the face of it, had there been proper mortgage products it was worth exploiting (i.e. take the interest free cash and then pay back before the fees kicked in after 5 years... might have to repay more than borrowed but only if the property had risen in value in which case you'd be quids in anyway because your own equity would have risen in proportion.