Tuesday, February 14, 2017

Gotta Keep It Going

First-time buyer demand for family support builds

Is BOMAD running out of funds? No problem BOGAG is open for business. Can we get another layer in at the bottom of the pyramid?

Posted by crash bandicoot @ 10:12 PM (9244 views)
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8 thoughts on “Gotta Keep It Going

  • For those without wealthy parents or grandparents, how about equal tax treatment for loans or gifts the Bank of Work? If you get a soft loan from work, you get taxed on the difference between market rates and what you’re offered, if it’s an outright payment its anything up to 53% tax. A topsy turvy world we live in where you get taxed only if you actually personally exert any effort in making your money

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  • Did any other HPCers watch the Tonight programme on the BOMAD issue last week? http://www.itv.com/news/2017-02-16/bank-of-mum-and-dad-tonight/ (also see Twitter etc comments)
    What I found really sad was the grandmother who’d remortgaged her own house to raise 120k for her grandson to buy a house (and also encourages other to do the same!). Don’t know her income or what proportion of her house this represented but suppose interest rates increase or there’s a massive HPC and she goes into negative equity?? (Yes I know the government are hellbent on preventing either scenario) Can’t imagine letting my granny/parents take on a risk like that for me….

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  • The risk in debt has been eroded in people’s minds
    In the real world laws have been changed so your
    House is at risk of a charging order for just £1000

    £120k is actually a huge debt and if you dont keep up payments they will take it off you

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  • That’s £1000 of debt can result in charging order if defaulted

    Charging order can also be applied alongside a ccj
    Not just when a ccj is defaulted upon

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  • Remortgaging to help kids to buy a house = Fake valuation (we aren’t 5 times wealthier if our house ‘values’ rise x5) realised to increase fake valuation (as cb implied in his intro above). Charles Ponzi must be wondering why he never thought of that one. And on such a scale.

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  • The Emperor’s new clothes! It’s all an illusion..

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