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Government Withdraws Homebuy Direct

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Just received an email from Barratt

HomeBuy Direct is being withdrawn

The Government has announced the withdrawal of HomeBuy Direct, its shared equity scheme - but if you reserve your new Barratt home by the end of July, we could still help you buy the home you dream of.

Remember, with HomeBuy Direct:

You could pay as little as a £5000 deposit*

You may only need a 70% mortgage

You receive a 30% loan, (interest-free for 5 years, if you don't sell during that time)

You still have 100% ownership

With thousands of new homes to choose from - all with an extended warranty - you're sure to find your perfect property with Barratt. To get help with HomeBuy Direct before it's too late, reserve your home by the end of July. To see how Barratt can help you through the home buying process and find out just how low a deposit you may need, try out our deposit calculator.

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Just received an email from Barratt

HomeBuy Direct is being withdrawn

It's just the sort or market support which actually keeps home prices up and land prices too high. These schemes are a waste of taxpayers money and just interfere with the market - as do 125% mortgages or income multiples of 7 x income. All of them do not help one bit. The property 'ladder' should be a step by step process involving saving at least a 10% deposit, showing by these savings made you are going to be able to maintain a mortgage through a long period of differing interest rates.

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Just received an email from Barratt

HomeBuy Direct is being withdrawn

:)

Too good to be true?

Is it confirmed?! i'll Google right now. This is important news! It may indicate that this new government "gets it"! :) Maybe.

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"HomeBuy Direct is being replaced by HomeBuy Direct Plus, a new government scheme to enable more first-time buyers to ensure their future is one of debt and misery."

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Barrett are openly saying it on their website.

"HomeBuy Direct ends soon. A great way to own a new home is coming to a close."

Barrett Homes (Scroll down)

Why would Barrett put this out if it wasn't true?

Can't see any mention on other government websites like :

DirectGov

EDIT: Correction, apparently this is not a government website!

Homebuy Direct

Edited by worst time buyer

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So do mortgages. Without them you would simply be paying for the true land cost according to real wealth in the country and the actual cost of build. Anyone can save that up with their families.

Now that is the first time I have seen that on here I think. Its genius, outlaw mortgages on homes and do away with boom and bust instantly!

I suppose the drawback would be that about a dozen people would end up owning all the land.

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...

Why would Barrett put this out if it wasn't true?

....

Buy now.. buy now... buy now... buy now... buy now.... buy now.... quick..... quick...... quick before we go bust..........

No. Can't see any reason at all.

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Try here

Note that the homebuy site is NOT a government site.

Only just corrected that. But thanks anyway. :)

Your link is the one I posted earlier on. But I'm in such a good mood by this news, It's worth posting twice! :):):) The "Content Under Review" Banner on every page is good to see.

Edited by worst time buyer

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Spent all day driving around with Barratt's ads on the radio - "It can take YEARS to get on the property ladder ... £5k deposit ... offer only applies in July."

Could be another prop removed from the market. Mortgage rescue scheme being shunned by housing associations (costs too much to fix up the places), support for mortgage interest having its rates scaled back by maybe 40%.

I sense increasing wobbliness. What we need is a government committed to folding beermats in half and wedging them beneath the legs of the table.

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Buy now.. buy now... buy now... buy now... buy now.... buy now.... quick..... quick...... quick before we go bust..........

No. Can't see any reason at all.

Yep. Can't imagine all the other house builders being too pleased with Barrett. And the Government are going to be pretty annoyed by it getting out this way.

Unless this was mentioned in the Budget??? I don't remember Osborne saying it. Might have been in the small print.

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Here's a quote from a Somerset publication, citing a Barrett Sales Director,

"But the Government-backed scheme is coming to an end because of the squeeze on public spending and buyers only have one more month to take advantage, says Caroline Hill, sales director at Barratt."

http://www.easier.com/73612-low-cost-homes-scheme-somerset.html

Edited by worst time buyer

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Spent all day driving around with Barratt's ads on the radio - "It can take YEARS to get on the property ladder ... £5k deposit ... offer only applies in July."

Could be another prop removed from the market. Mortgage rescue scheme being shunned by housing associations (costs too much to fix up the places), support for mortgage interest having its rates scaled back by maybe 40%.

I sense increasing wobbliness. What we need is a government committed to folding beermats in half and wedging them beneath the legs of the table.

I kept hearing this today too. I was wondering why it said you only have until the end of July!

More good news, there's so much lately I can't keep up with it all!

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I was looking into a new estate in north Essex two weeks ago and was told that homebuy direct would be ending in September.

All the two bedroom houses had been sold, mostly with the help of homebuy direct.

Solders are able to get on the scheme as key workers and then rent them out when overseas.

Edited by Lord D'arcy Pew

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I did a lot of research into these schemes last year.

They are actually a fantastic scheme for the buyer under one condition: The value of your house goes DOWN.

(If you borrow 20% of a 150,000 house, 30,000 - and it devalues to 100,000 - you only owe the government 20,000)

Perhaps they are withdrawing this scheme because they KNOW the money they lend out will only be repaid in a smaller amount?

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I was looking into a new estate in north Essex two weeks ago and was told that homebuy direct would be ending in September.

All the two bedroom houses had been sold, mostly with the help of homebuy direct.

Solders are able to get on the scheme as key workers and then rent them out when overseas.

How about welders? Can they get on as well?

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How about welders? Can they get on as well?

Not under Gordon Brown. Anyone productive, that may have actually created wealth for this country was not key to the economy in his view.

You had to be on Gordon Brown's payroll working for the state, and therefore a loyal voter to him. That was his re-election strategy.

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Has it barely been mentioned as liebour would cut it anyway? Like most other recent liebour 'promises', it is presumably unfunded. I always figured even if Snot gobbler won the election he'd cancel the mortgage rescue/relief schemes - 250k homes were repossessed between 1998-2008, so it definetly wasnt for altruistic reasons, just an election year bribe.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
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      • up 5%



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