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Red Baron

Miras To Be Reintroduced Later In 2007

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I am reliably informed by a NuLab Counciller in Bedford that a form of MIRAS will be re-introduced in the near future.

According to her this scheme has already been widely canvassed at Westminster and is seen as a huge vote winner at the next election which is around two years away. The scheme will be announced by Brown shortly after his 'crowning' in a few weeks time. It will be limited to genuine FTBs and will have a time limit of five year on the first house purchase. The tax relief will be limited to the first property purchase and will be non-transferable to subsequent purchases, specifically to prevent property speculation by those to whom it is targetted.

It will be funded by changes to stamp duty thresholds further up the price scale and could be introduced as soon as early 2008. The Counciller said that Brown is determined to protect the interests of the FTB, and house owners generally, as property ownership was seen as a central element in the future prosperity of the UK.

Please don't shoot the messenger....................

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Please don't shoot the messenger....................

more petrol on the bonfire then - these people can't be that thick, it must be corruption, it's a deliberate attempt to force prices higher using taxpayers money

someone needs shooting....

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more petrol on the bonfire then - these people can't be that thick, it must be corruption, it's a deliberate attempt to force prices higher using taxpayers money

someone needs shooting....

as long as we get the 50% off-sale before then it's cool!!!

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Are you beginning to get the feeling that they will do ANYTHING to keep the market going? How long before the government provides FTBs with 'gifted deposits' or 'interest free deposit loans'?

The UK housing market is the economy - the economy is the UK housing market - the UK housing market creates more wealth in a day than every business in the country combined - The UK housing market is the economy - the economy is the UK housing market ...

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Please don't shoot the messenger....................

I'm kind of surprised something only affecting FTBs would be a 'huge vote winner'. The young don't really vote.

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I thought you only had to win the marginals!

I live in 11% majority Tory counrty so there isn't any point in voting!

Edited by Ash4781

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Are you beginning to get the feeling that they will do ANYTHING to keep the market going? How long before the government provides FTBs with 'gifted deposits' or 'interest free deposit loans'?

The UK housing market is the economy - the economy is the UK housing market - the UK housing market creates more wealth in a day than every business in the country combined - The UK housing market is the economy - the economy is the UK housing market ...

The only thing the UK makes these days is promises. We promise to pay back huge amounts of debt in the future, and companies make profits today on the back of these promises.

Crazy, anyone got a clue how we are going to deliver on these promises? Inflation seems the only option.

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Frankly, I am rubbing my hands with glee.

I have never bought a house which I know is weird because I am in my early 40's but anyhow what I figure is that this MIRAS thing would come in just in juat after the market has really begun to crater, especially in teh 4/5 bed category. At some point BoE rates will eventually start to finally fall back again and at that point the government would be paying me to buy a house - how cool is that !!!!

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How will they know who is a "genuine" FTB? Who has never had a mortgage before? Are you listed on the LR database as a person who has owned a property? Even before 2000 when it went computerised? I bought in 96 and you cant look my house HPI up on nethouseprices.com etc.

Or maybe it will go on if you have had a mortgage account on your credit history with experian / equifax etc? But are these held forever by them? I thought credit history data was only kept 6-7 years, otherwise Bankrupts and IVA's would be persecuted for ever by the financial institutions. So once old mortgage accounts where removed by credit agencies you woild be a FTB again elegible for FTB miras.

So how will they police this? If you can lie to buy via self cert when you are employed surely you wont blink about Lie for FTB miras as a STR!!!

Specualtion please, I am STRing at the moment and if this comes in within the next few years i want a piece for my then reduced price 4 bed family home as I will be a "FTB", no current mortgage and not trading up!

M

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So how will they police this? If you can lie to buy via self cert when you are employed surely you wont blink about Lie for FTB miras as a STR!!!

They will police it in the same way that they determine your house has 4 bedrooms and therefore requires a HIP if you are selling after August :blink:

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This sounds like a total 'mare. it will probably be means tested so those who have gone mental and bought themselves a mansion on minimum wage will be helped most. :blink:

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Yes, it's malicious DoctorJ. Most immoral and improper. Maybe the malady of the market will manage to mangle the malovent scheme in the meantime.

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I am reliably informed by a NuLab Counciller in Bedford that a form of MIRAS will be re-introduced in the near future.

According to her this scheme has already been widely canvassed at Westminster and is seen as a huge vote winner at the next election which is around two years away. The scheme will be announced by Brown shortly after his 'crowning' in a few weeks time. It will be limited to genuine FTBs and will have a time limit of five year on the first house purchase. The tax relief will be limited to the first property purchase and will be non-transferable to subsequent purchases, specifically to prevent property speculation by those to whom it is targetted.

It will be funded by changes to stamp duty thresholds further up the price scale and could be introduced as soon as early 2008. The Counciller said that Brown is determined to protect the interests of the FTB, and house owners generally, as property ownership was seen as a central element in the future prosperity of the UK.

Please don't shoot the messenger....................

Would recent FTBs be eligible I wonder?

On a previous thread I suggested that the Govt might re-introduce MIRAS in an attempt to prevent the market crashing - and was ridiculed for it!

TBH I think MIRAS is a good idea in principle (most other European countries have tax relief on mortgage payments). But reintroducing it at this point in the house price cycle is totally irresponsible and smacks of desperation.

Edited by bugged bunny

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I'm kind of surprised something only affecting FTBs would be a 'huge vote winner'. The young don't really vote.

But dont forget the whole show needs people coming into the bottom of the market.

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The only thing the UK makes these days is promises. We promise to pay back huge amounts of debt in the future, and companies make profits today on the back of these promises.

Crazy, anyone got a clue how we are going to deliver on these promises? Inflation seems the only option.

And yet, in a global economy, unless other countries are inflating too, inflation just is not an option. Inflation is commercial suicide.

Which is why, it seems to me, that a period of stagnation / recession etc combined with high interest rates is inevitable.

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How will they know who is a "genuine" FTB? Who has never had a mortgage before? Are you listed on the LR database as a person who has owned a property? Even before 2000 when it went computerised? I bought in 96 and you cant look my house HPI up on nethouseprices.com etc.

I'm sure they'll be able to make sure only genuine FTBs get help. Look at tax credits. Oh, actually, don't...

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Why not let go of the planning system?

You say this a lot.

As a (very junior) planner I would agree the system is wasteful.

But if you let go of it, that means the owner of the field next to you could let it out to travellers to set up "site".

Would you like this?

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Wonder if it will have any effect on the house market. Will it act as a boost if the market is beginning to stagnate?

If it's pre-announced but not retrospective, it could create a sudden mini-crash as *nobody* want to buy for the three months it takes to introduce, then a mini-boom as everyone decides it's worth it. Would mess up BTLers a bit, certainly - might tip the maths for the likes of me depending where prices and IRs went, but then I bought and sold a few years ago, so I might be ineligible.

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