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House Price Crash Forum


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About fdk

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  1. Just received this carrot through the email; "The new way to own your home with as little as 5% deposit! What is NewBuy? NewBuy is a new government backed 95 percent mortgage scheme aimed at helping first-time buyers and homeowners buy a new-build home with as little as 5% deposit. In recent years many aspiring homeowners have found it difficult to save a large enough deposit to buy a new home. Under the NewBuy scheme 90-95% mortgages will be made available through a number of major high street lenders to first time buyers and homeowners alike. The scheme is currently available on developments throughout England on properties priced below £500,000. To mark the launch of this exciting new scheme, Bellway will offer NO RESERVATION FEE and FREE CARPETS to all customers who reserve a new home with NewBuy before the 30th April 2012. To take advantage of this offer search for a development and speak to a member of our sales team or contact us for further information. * Terms and conditions apply. Could NewBuy be the answer? the questions you’ll want to ask. Q. What exactly is NewBuy? With many lenders demanding large deposits before they will lend, the NewBuy scheme is helping people buy a new-build home with just a 5-10% deposit - buyers who otherwise would find it difficult to purchase. It is a partnership between established house builders like Bellway Homes, banks and building societies, all working in partnership with the Government. Q. How can NewBuy help me buy a home with 5-10% deposit? Under the scheme, Bellway Homes partners with one or more mortgage lenders who provide a 90-95% loan to value mortgage on new build properties up to the value of £500,000. Where the scheme comes in is that government and homebuilder have committed to cover some potential future losses, reducing the lender’s risk and resulting in them being willing to lend on a 5-10% deposit. Q. So is it some sort of Shared Equity Scheme? No, it is neither Shared Equity nor Shared Ownership in any form. You own your property 100%. Q. Is it just for first-time buyers? Many of those taking advantage of the scheme will certainly be first-time buyers, but NewBuy also applies to those who already own a home but only have funds for a 5-10% deposit on their next home. Q. Are there any special requirements? NewBuy is for the purchase of your main home - so it cannot be used for second homes or properties that are for investment purposes. You must be a UK citizen or have the right to remain in the UK indefinitely, and you must not be receiving financial assistance with the deposit from a local authority or other public body. Q. How much I can borrow? The minimum is 90%, the maximum 95%, of the purchase price, but the actual amount depends on your personal circumstances. Lenders will want to know that you can meet your mortgage repayments using their usual assessment criteria - you are responsible for paying your mortgage under NewBuy in exactly the same way as any other mortgage. Q. Could I get an Interest Only mortgage under NewBuy? No, the scheme only applies to Capital Repayment mortgages. Q. Are there NewBuy fees involved? Just as with most mortgages there will be an administration fee to the lender and a survey fee – these charges can differ from lender to lender, however there are no specific NewBuy fees. Q. I’ve seen a Bellway development where I want to buy - what do I do next? Here at Bellway Homes we have professional, approachable advisers who are always happy to help. Come and talk to us. They will tell you the steps involved – from speaking to a lender participating in the scheme to reserving your brand-new home." http://www.bellway.co.uk/newbuy-95-percent-mortgage?utm_source=Rightmove&utm_medium=email&utm_content=link_click&utm_campaign=National%20-%20NewBuy
  2. It's all about Sentiment - how people (including journalists, economists etc.) FEEL about house prices....
  3. The entire banking industry including the fiat currentcy system, has ALWAYS been an illusion - from the outset... :angry: Greed has blinded people to the whole charade. Those that know just play the game, as we can't physically exist outside of it.
  4. Trouble is, we could all be dead by the time that happens. (Dead, but nevertheless correct in our predictions of an HPC)
  5. Does anyone know if this months fall was measured from the old September house value or the revised lower September house value. If the latter, could they be 'hiding' parts of the headine fall throught the revision of last months numbers ?
  6. ....interesting / scary But at the same time, none of it is at all surprising !
  7. I thought she was also covering the rent. Edit: sp.
  8. Wouldn't that be an interesting next step. Unsold houses being demolished cos no-one's preared to "make me an offer I can't refuse"....
  9. Fantastic !!! . . . . . .and quite possibly true?
  10. WOW !! When you wrote... "MAKE AN OFFER DAY.Up to 20% off. Over 50 property owners have agreed to consider accepting offers on their homes with reductions of at least 5% and, in some cases, 20%.MAKE AN OFFER DAY - 1 DAY ONLY - TUESDAY 19TH OCTOBER. DON'T MISS OUT!" ...I thought you'd made that up to take the mickey out of the real Rightmove sales description. Turns out this is the real Rightmove sales description !!! Once again - WOW !! . . . . . . . . . (This is helping to alleviate my Post -3.6% Blues... )
  11. Apologies if this has been asked before, but what on earth do they mean by "family debt" - does this exclude debt from single households or flat-sharers ? Honestly !!
  12. But surely as a renter, are you not simply financing the purchase of another persons house anyway? Then while we wait for house prices to fall to "cost of build" the greedy BTL brigade come in and hoover up relatively cheap properties...
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