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tyres

Help for both first-time buyers and grandparents downsizing

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more petrol to fuel forever HPI

 

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Nationwide has revealed a new mortgage designed to help family members buy a home - including both parents helping first-time buyer children or families helping their older members downsize.

Nationwide is offering parents the option of borrowing against their own home to raise money to 'gift' to children for a deposit on their first property.

The new family deposit mortgage allows any family member to take a mortgage up to 80 per cent of the value of their home, the proceeds of which is then given to and used by another family member as a deposit on their own purchase.

What is the Nationwide family mortgage?


 


Read more here ....

 

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So not actually 'raising money', but instead going further into debt. And then giving the money you just borrowed to your children so that they can go massively into debt as well when they buy a vastly overpriced house.

Wonderful.

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10 minutes ago, GreenDevil said:

What could possibly go wrong?

House prices only go up.

And house sizes only go down.

In a borderless, fully financialised economy like the UK, that's not just a general expectation - it's an absolute necessity!

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It's a case of do anything but face the fact cheaper housing which young people can actually afford using their earnings would be a better idea.

Low interest rates, help to buy, 30 and 40 year mortgages, BOMAD and now BOGAG... It's not so much that they keep moving the goalposts, more a case that they keep putting more and more footballs on the pitch to ensure the scoring never stops.

No wonder we can't call a house price crash anymore.

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1 hour ago, Tempus said:

It's a case of do anything but face the fact cheaper housing which young people can actually afford using their earnings would be a better idea.

Well, it's a bank isn't it. All they want to do is profit off more debt.

Oh, hang on, isn't Nationwide a building society. One of those historic institutions that were used to build houses for people that prudently saved their money. Be ashamed Nationwide - be very ashamed.

 

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4 hours ago, zugzwang said:

And house sizes only go down.

In a borderless, fully financialised economy like the UK, that's not just a general expectation - it's an absolute necessity!

Yep, and reading through the lines the last fools are giving up buying, high house prices etc, I know I've given up.

And that means one thing over the next few years, finally hpc (in BTL anyway)

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How would i get the names and addresses of the people who would sign up to this?

 

I have some old rope, snake oil, unobtainium stocks i think they would like to invest in... i might let them in on buying some of the moon, but not too soon.

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This is probably the closest I've seen TPTB come to admitting how the housing bubble has to play out: almost nobody gets to cash out their fantasy valuations and the more dimwitted get stripped of their equity as a combination of nominal price stability and sterling debasement turn decades of house price outperformance into decades of house price underperformance.

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