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Help To Buy: Mortgage Guarantee Quarterly Statistics

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Apologies if this is already posted. Mods please delete if a thread exists.

I am ignoring the HTB equity scheme as it is limited to new builds so it won't generate any further chains up the pyramid.

Help to Buy: mortgage guarantee Quarterly Statistics

Data from 8th October 2013 to 31st March 2015

Key points:

  • Since the launch of the Help to Buy: mortgage guarantee 46,877 mortgages have been completed with the support of the scheme.

  • Of these, 78% were purchases by first time buyers.

  • The total value of mortgages supported by the scheme is £6.9 billion.

  • Compared to total mortgage completions in each region, the scheme is supporting a higher proportion of mortgages in the North West and the East, and a lower proportion in London and the South East.

  • The mean value of a property purchased or remortgaged through the scheme was £155,603, compared to a national average house price of £273,000.

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Why does it mention re-mortgaging?

Is this just bailing out the over-leveraged by the back door?

HT2 ? i always thought the reason for this was as much to negate the effects of MMR + bail out the over leveraged as it was to help FTB

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So thats aboput 35000 chains supported or crappy new build slave boxes.

In a chain then 35000 * say 4 or 5 in a china gives your about 150,000 house sales supported by HTB,

They set the prices for everyone else to try and buy at.

Shameful fraud IMHO.

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Apologies if this is already posted.

...

The smart money would be on FreeTrader having put this somewhere on his Sundry Statistics Thread, ;) , but if it is, I missed it and therefore I'm grateful to you for posting it. The map on page 10 is probably worth a thread on its own, so to my mind no apologies necessary. Thanks for posting.

Help to buy in the Midlands and the North East by the looks of things.

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Why does it mention re-mortgaging?

Is this just bailing out the over-leveraged by the back door?

I always love the fact that every dumb policy manoeuvre has these kinds of comedy consequences. A willing borrower ends up in a position where they have such thin equity that they can't re-mortgage in the marketplace, such as it is, but the government tips in with a daft scheme and bingo, they can re-mortgage after all.

It occurs to me that the ridiculous possibility exists of someone who was at, say, 70% LTV on an existing mortgage could use this scheme to re-mortgage to a higher LTV, extracting some equity to piss up a wall on a car or a holiday.

General rule of thumb with UK mortgages, if it's allowed then somebody somewhere is doing it, regardless of how stupid it might appear to someone who was suspicious of the idea of houses being magic ATMs.

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