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gruffydd

Help To Buy equity loans RESTRICTED to first time buyers

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Yes good spot.

'...Budget announces that from April 2021, a new Help to Buy Equity Loan scheme will run for 2 years before closing in March 2023. The new scheme will be available for first-time buyers only, and for houses with a market value up to new regional property price caps, as set out in Table 4.2. These caps are set at 1.5 times the current forecast regional average first-time buyer price, up to a maximum of £600,000 in London. The government does not intend to introduce a further Help to Buy Equity Loan scheme after March 2023.'

https://www.gov.uk/government/publications/budget-2018-documents/budget-2018

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Doesn't intend to hey? Why stop at 2023? Anything special about that date? 

 

Taking these muppets at their word, which is probably a daft thing to do, they are obvs gradually removing that kind of prop, but the question is do people jump on board fearing missing out on the amazing generosity of the scheme and raise prices before 2023, or do people wait, knowing that props support house prices. I know what Im gonna do

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22 minutes ago, Wayward said:

New builds only or including existing stock...?  anyone know?

H2B is for new build only

Up to 600k in London boroughs

Less in other areas related to property prices - not sure how that works

 it will be slowly phased out incrementally prior to 2021 

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1 hour ago, Trump Invective said:

Doesn't intend to hey? Why stop at 2023? Anything special about that date? 

 

Taking these muppets at their word, which is probably a daft thing to do, they are obvs gradually removing that kind of prop, but the question is do people jump on board fearing missing out on the amazing generosity of the scheme and raise prices before 2023, or do people wait, knowing that props support house prices. I know what Im gonna do

If your only investing options are building society accounts and houses, then you probably buy since it's the only way you'll have the self discipline to save any capital in the long run.

If you have financial sophistication then it's a toss up between different tax breaks and different investable assets.

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Given that the supposed aim of HTB was to help people with deposits, it beggars belief that it was ever available to anyone *but* first time buyers! 

This should have a decent impact impact the price of newbuilds (how many true FTBs can afford anything close to new build prices?).

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What irritated me about this is that I bought a home many years ago. Sold years ago due to divorce. 

Now my new and improved wife has never owned a house yet we don't qualify for 1st time buyer status because I owned years ago.

FTB should include people buying a first home, not just people buying their first home.

Mind you, I would still avoid the htb scams.

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19 minutes ago, crazypabs said:

What irritated me about this is that I bought a home many years ago. Sold years ago due to divorce. 

Now my new and improved wife has never owned a house yet we don't qualify for 1st time buyer status because I owned years ago.

FTB should include people buying a first home, not just people buying their first home.

Mind you, I would still avoid the htb scams.

Same here - missus had two places last 20 years ago so I get penalised - not that I would go near HTB - but other incentives have nearly been worth it.

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23 minutes ago, Aidan Ap Word said:

On this topic... Webb should be/is an HPCer?

Not sure. She may be. It's hard to read the article without wanting to blow up parliament.

Quote

So, in the Northeast you won’t be able to pay more than £186,100. It’s £224 400 in the Northwest and a rather more toppy £437,000 in the Southeast. Cue outrage.

Yep, those prices surely are outrageous.

Quote

A couple from Oxfordshire are quoted. They used Help to Buy to pay £575,000 for a house in Ducklington, Oxfordshire and are very pleased they did.

That's right. No decent couple should have to suffer living in a house worth less than £575,000. Thank goodness the government was there to help.

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  • 259 Brexit, House prices and Summer 2020

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      • down 5% +
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