(UK News) First-time buyers offered £70,000 deposits by loca

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This topic contains 9 replies, has 4 voices, and was last updated by Profile photo of katy katy 5 years, 8 months ago.

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  • #54904
    Profile photo of adiep
    adiep
    Participant

    Apologies if slightly OT, but I think its potentially of interest.

    The controversial new mortgage deal is being launched by five local authorities and backed by Lloyds Banking Group, one of the lenders bailed out by the taxpayer during the credit crisis.
    The scheme is aimed at struggling first-time buyers who are unable to afford the large deposits required by lenders concerned about borrowers defaulting on their home loans.

    read on…

    http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8383167/First-time-buyers-offered-70000-deposits-by-local-councils.html

    So the solution isnt that house prices are just not affordable and need to drop, the solution is more debt. These vested interests need destroying before they completely ruin the British economy. High house prices does not equal healthy economy.

  • #103454
    Profile photo of adiep
    adiep
    Participant

    Man, this reeks of a dodgy northern scam. Why would these locations need financial assistance for buying properties? Properties here are dirt cheap already, there’s no jobs !!!

    “The local authorities initially taking part in the scheme are Blackpool City Council, Warrington Borough Council, Northumberland County Council, Newcastle under Lyme Borough Council, and East Lothian Council.”

  • #103455
    Profile photo of Anonymous
    Anonymous
    Participant

    Also do not forget. It is probably costing the Councils more to keep them housed in bed & breakfast or from private landlords.

  • #103457
    Profile photo of adiep
    adiep
    Participant

    @shakeel wrote:

    Also do not forget. It is probably costing the Councils more to keep them housed in bed & breakfast or from private landlords.

    http://www.rightmove.co.uk/property-for-sale/property-30008633.html

    Not bad for 250k – they want “offers”

  • #103458
    Profile photo of katy
    katy
    Spectator

    Looks ok. for the price. I have never been to Warrington but isn’t it supposed to be a bit of a dump?

  • #103459
    Profile photo of adiep
    adiep
    Participant

    @katy wrote:

    Looks ok. for the price. I have never been to Warrington but isn’t it supposed to be a bit of a dump?

    Never been either, but Id put money on you being right.

  • #103460
    Profile photo of adiep
    adiep
    Participant
  • #103461
    Profile photo of adiep
    adiep
    Participant

    Just shows what happens to prices in areas of economic destitution. Now where else do I know thats facing high unemployment, high debt, over-supply of housing and generally grim economic prospects… hmmm.

  • #103462
    Profile photo of Anonymous
    Anonymous
    Participant

    @adiep wrote:

    Nearly giving ’em away up north

    http://www.rightmove.co.uk/property-for-sale/property-32328353.html
    http://www.rightmove.co.uk/property-for-sale/property-18217689.html

    5 bedrooms, less than 45k.

    Location, Location, Location…

    Slum landlord heaven

    http://www.rightmove.co.uk/property-for-sale/property-33086060.html

    The houses you mention are in areas nobody wants to live in.

    Also, there are extremely few jobs in Liverpool area paying more than £20K per year. A big percentage of people live of benefits for generations.

    The councils offering help with the mortgage is a desperate measure to prop the housing market which is due for a very logical correction.

    £250K for Warrington is a sick joke.

  • #103464
    Profile photo of katy
    katy
    Spectator

    Those are the sort of properties that can turn out a good investment, especially for rental. We have some terrrace houses up North, had them for over ten years and fully rented all the time (contracted by local council for asylum seekers etc.) no voids and they repair and decorate them every year. Actually we have never seen them 😆

    Anyone ever watch homes under the hammer BBC? The most profit is often made on these sort of properties.

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