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juvenal

New Ftb's, But Already Dreaming Of Btl

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Catherine and Nikolai: 'We got £146,000 home, with £7,500 deposit'

Catherine McClean: Prescot

property ladder, the government proclaimed this week, and nurse Catherine McClean, 26, and Nikolai Ivanovic, 25, a former Queen's Guard, were the first to complete a purchase under the scheme. They used the interest-free loan to help buy a three-bedroom semi-detached home in Prescot near Liverpool.

McClean says: "We were looking for a place in Northern Ireland where I'm from but nothing was coming up that was suitable. It needed to cost less than £100,000 as we were going to have to raise a 10% deposit. It was proving difficult so we looked online, with the thought of coming back to England.

"We ended up on the Taylor Wimpey website where we saw a house near Newton-le-Willows where Nik's mum lives. We fell in love with it from the pictures, then found that because of Help to Buy we could buy it with just a 5% deposit. We had enough, so we phoned up about it. It was the only one left so we had to decide very quickly. We went into it blind – we hadn't even seen the property when we bought it.

"It was £146,000 and we needed just £7,500 to pay for it – both Taylor Wimpey and our lender Halifax were doing an offer where they would pay for stamp duty. We could have carried on saving but it would probably have taken a year and we were living with my dad, living off Nik's wages and saving mine.

"We came back to England on 23 April and we went to see it. That was when it actually hit – we've just bought a £146,000 house and we haven't seen it. I wouldn't have done so if it hadn't been a new-build.

"We're planning to stay here for at least 10 years. We'll probably keep it after that because it has great rental potential: it's less than a mile from the hospital and next to the train station. Hopefully we can work our way up the housing ladder."

Only just bought, but wannabee landlords already.

Is there any hope left?

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So it's got great rental potential and yet the primary demand to live in it comes from people who don't even live there? Eh?

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Catherine and Nikolai: 'We got £146,000 home, with £7,500 deposit'

Catherine McClean: Prescot

property ladder, the government proclaimed this week, and nurse Catherine McClean, 26, and Nikolai Ivanovic, 25, a former Queen's Guard, were the first to complete a purchase under the scheme. They used the interest-free loan to help buy a three-bedroom semi-detached home in Prescot near Liverpool.

McClean says: "We were looking for a place in Northern Ireland where I'm from but nothing was coming up that was suitable. It needed to cost less than £100,000 as we were going to have to raise a 10% deposit. It was proving difficult so we looked online, with the thought of coming back to England.

"We ended up on the Taylor Wimpey website where we saw a house near Newton-le-Willows where Nik's mum lives. We fell in love with it from the pictures, then found that because of Help to Buy we could buy it with just a 5% deposit. We had enough, so we phoned up about it. It was the only one left so we had to decide very quickly. We went into it blind – we hadn't even seen the property when we bought it.

"It was £146,000 and we needed just £7,500 to pay for it – both Taylor Wimpey and our lender Halifax were doing an offer where they would pay for stamp duty. We could have carried on saving but it would probably have taken a year and we were living with my dad, living off Nik's wages and saving mine.

"We came back to England on 23 April and we went to see it. That was when it actually hit – we've just bought a £146,000 house and we haven't seen it. I wouldn't have done so if it hadn't been a new-build.

"We're planning to stay here for at least 10 years. We'll probably keep it after that because it has great rental potential: it's less than a mile from the hospital and next to the train station. Hopefully we can work our way up the housing ladder."

Only just bought, but wannabee landlords already.

Is there any hope left?

If they move out to rent, how will they buy the next place, unless they are going to rent somewhere?

They wouldn't have bought blind if it hadn't been new build? So people think that new build is more reliable and better than older places that have stood the test of time? :blink:

If they do rent it out, I wonder if they will inform the lender of that? Rhetorical question.

Edited by Giordano Bruno

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So it's got great rental potential and yet the primary demand to live in it comes from people who don't even live there?

I work in the civil service and due to the pension cuts a lot of my colleagues are quitting the pension scheme and getting into buy to let's.

Some of these folks only earn around £25,000 per year but they want o be property magnates!

One friend who already has a BTL said he Makes no profit per month but he's happy because property is a sure bet.

Have they learned nothing from 2007-2012.

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I work in the civil service and due to the pension cuts a lot of my colleagues are quitting the pension scheme and getting into buy to let's.

Some of these folks only earn around £25,000 per year but they want o be property magnates!

One friend who already has a BTL said he Makes no profit per month but he's happy because property is a sure bet.

Have they learned nothing from 2007-2012.

Someone I know bought a buy to let for each of their children from re-mortgaging their home plus savings....their children still live at home. ;)

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So it's got great rental potential and yet the primary demand to live in it comes from people who don't even live there?

I work in the civil service and due to the pension cuts a lot of my colleagues are quitting the pension scheme and getting into buy to let's.

Some of these folks only earn around £25,000 per year but they want o be property magnates!

One friend who already has a BTL said he Makes no profit per month but he's happy because property is a sure bet.

Have they learned nothing from 2007-2012.

It's all about the capial gains to make BTL work. Most won't get any though.

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If they move out to rent, how will they buy the next place, unless they are going to rent somewhere?

If it goes up in value enough over the ten years then they would remortgage it at the highest LTV BTL mortgage they could get, and extract equity in that way for their next deposit.

They wouldn't have bought blind if it hadn't been new build? So people think that new build is more reliable and better than older places that have stood the test of time? :blink:

With a new build they would get an NHBC guarantee for ten years (the period for which they intend to live there) to fix faults.

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If it goes up in value enough over the ten years then they would remortgage it at the highest LTV BTL mortgage they could get, and extract equity in that way for their next deposit.

With a new build they would get an NHBC guarantee for ten years (the period for which they intend to live there) to fix faults.

Except interest rates and mortgage criteria won't allow it in an era of higher risk lending

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So obviously they will have paid off the 20% they owe the scheme in 10 years ..other wise how to they expect to have 2 mortgages one for that property and one for another when they are listed as having a help to buy property ?

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Mistake number 1....paid list price...theyll go far in business.

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House price crash in NI must have passed them buy somehow.

I think the problem with the crash in NI is that even though prices have fallen by 50% or so the prices are not what I would call low anyway. This is because the bubble was huge in NI and the prices at peak were silly, even more silly than on the mainland. Edited by Giordano Bruno

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it strikes me that all these new first time buyers that are rushing into the over priced government underpinned market might well just actually be good old school buy to letters filling up on government liar loans before the next boom.

how loud that boom is when the collapse comes is anyone's guess. :lol:

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