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House Price Crash Forum

modavid

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About modavid

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  1. They're all on it. HTB has several variants and every bank seems to want a piece (for now). HSBC have their own version of HTB - 95% mortgages. HSBC - "We recognise that getting a foot on the property ladder can be tough – that’s why we’re offering 95% mortgages to first time buyers with a smaller deposit available"
  2. HTB houses are overpriced to factor in the HTB disbursement. HTB is interest free for you for 5 years but not for the builders, they have to pay a fee to the government so that buyers like you can avail HTB. If you really are against paying interest then buy in cash.
  3. Brilliant! Glad for your mate
  4. Do they??!! Seems illogical to me. How can a bank give a 30 year "loan" to someone on a 2-year visa??!!
  5. This is so true! A friend of mine recently bought a house, despite her better judgement, and she couldn't quite believe the mortgage rates that were on offer. It's almost as if the banks & building societies are in a race to bottom.
  6. Indeed. Anything for banks. https://www.reuters.com/article/us-eurozone-banks-italy-monte-dei-paschi/italy-passes-monte-dei-paschi-state-rescue-into-law-idUSKBN1AD2BM
  7. Everything pointing towards a Property mis-selling scandal. I won't be surprised if these buyers band together and take on legal action against these builders.
  8. I agree the writer is deluded - he/she is hoping that they'll be bailed out by the government knowing fully well that the government only bails out banks!! Personally I feel HTB will create a massive bubble a few years down the line especially when the interest component starts kicking in. Banks are already declining HTB remortgage. It will be severe for London buyers due to 40% free money. The government should stay on the sidelines and let these debt junkies suffer. But we all know they won't do that. As soon as bank NPAs go up, government and/or BoE will step in. A "moratorium" on HTB interest wouldn't seem too far fetched at that stage, would it?
  9. I've been following this particular blog where the writer talks about what happens with HTB after the 5th year. It seems mortgage would nearly double!! (writer assumes 40% London HTB) http://mynewhomeblog.com/2019/01/22/help-to-buy-after-the-5th-year/
  10. I think you have hit the nail on the head here, one other reason being HTB providing a "buffer" against future falls in property market - or so this doofus explains here http://mynewhomeblog.com/2019/01/22/help-to-buy-equity-scheme-the-key-word-equity/ (its one of those blogs written by someone who;s purchased a new HTB home and is already regretting) as you mention it's interesting how FTB only care about monthly mortgage and completely disregard all other financial aspects
  11. Interesting ..guess it depends on the room sizes and layout as well .I have seen 3 beds having larger room sizes and better layouts than 4 beds in my area. I wrote this in another post, I've already seen prices in London Zone 5 fall 10%+ in the last six months whereas sales volume has dropped significantly. I personally know a couple of colleagues that pulled out of buying at the last minute only for the seller to counter offer 5% below the agreed price.
  12. YOu do get a pack full of various tests carried out, their results etc. I suppose if one isn't aware of the building regulations then the packs don't make much sense. It;s a load of tech jargon anyway. The poor build quality is only apparent once you start to live in the house. The floorboards creak, the bathrooms leak, the door and windows dont align when closed, missing insulation etc - all these things ought to have been tested by NHBC but they dont I guess.
  13. You would be extremely lucky if their crap houses last half the mortgage term! They build them to last atleast 2 years - most new houses come with a 10year NHBC guarantee but the builder is on the hook for the first 2 years only.
  14. I have some insider news - Going forward, Councils will be the biggest buyer of new build properties! Big builders need to find buyers for their crap houses, who else are they gonna sell to? They need to keep their gravy train running. We're already seen signs of this at Persimmon Harrow View West (North London) estate - Persimmon applied for planning permission to build 200 more houses within the estate boundaries (on top of the 300 theyre already building) - Guess who would be their biggest buyer??!!
  15. Your absolutely right about the ripple effect! I have seen Zone 5 prices dropping 10%+ in the last six months alone. Moreover sales have done down a cliff. I know a couple of colleagues who've pulled out of buying at the last minute and were subsequently offered 5% lower than their agreed price. I wonder how much of this is down to people holding off due to Brexit? If we do agree an extension with the EU, would buyers rush back to the market?
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