New 30% free loans towards deposit

11 posts Page 1 of 1
 
 

2012

User avatar
Posts: 15
Joined: Sun Aug 24, 2008 10:11 pm
Location:

Post by 2012 » Tue Sep 02, 2008 4:22 pm
Have to be the news of the day and I think it will benefit IVA people coming off IVAs and wanting to buy. If saving for deposit is another 5 year affair then people will never buy! So market falls further. So with this new -upto 30% free interest loan for 5 yrs -but you must not have a dep' - only fair- that can get help people ex IVA towards buying. As the £££ is underwritten by the Developers and Government, I shouldn't think there will too much fuse on having a perfect credit checks as this preciptated people not getting credit..

I am no Labour supporter but this upto 30% of free interest deposit towards the cost of a new house providing you are under 60K income will benefit especially IVA people.....in the wake of a dead subprime market this is the only next best thing!! The question is how long the scheme will run - 5 yrs the most???....too late for some possibly just starting on an IVA but you never know.
Last edited by 2012 on Tue Sep 02, 2008 4:38 pm, edited 1 time in total.
"Why do we buy junk and say it is not what we need but what we want?"
 
 

kallis3

User avatar
Forum Expert
Posts: 76748
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 02, 2008 4:29 pm
Not heard this one yet. Do you mean 30% interest free for 5 years? If so, then it will stay have to be paid back at the end of the five years, and although you will be on the housing ladder, the payments on top of your mortgage may still cripple you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

2012

User avatar
Posts: 15
Joined: Sun Aug 24, 2008 10:11 pm
Location:

Post by 2012 » Tue Sep 02, 2008 4:37 pm
Upto %30 free (no interest) deposit to go towards the house purchase.By 5 yrs the market should be OK(But I doubt it) and if you can't pay the interest starting then you pay a fee till you can....but no REPOSSESSION hassles...

The interest will be as low as the current Bank rates as it is government bankrolled, in effect paying the interest for you for 5 years....they can't afford it..but they are doing it....after 5 years you will pay as if you have had a 100% loan I assume but no one have one of these loans yet so will see....

I forgot to mention it is for First time buyers only, so it would exclude those coming off IVA but have brought in the past - I see the niche for ex IVA people for this scheme....I really do.
It is as close to 100% mortgage you will see.....
Last edited by 2012 on Tue Sep 02, 2008 4:49 pm, edited 1 time in total.
"Why do we buy junk and say it is not what we need but what we want?"
 
 

Skippy

User avatar
Posts: 20720
Joined: Sat Oct 21, 2006 6:08 pm
Location: United Kingdom

Post by Skippy » Tue Sep 02, 2008 4:46 pm
It's a shame they can't do something for the rest of us who aren't first time buyers. Our fixed rate finishes next year and I'm dreading what it will go up to, if they offer us anything at all - self cert interest only! If they don't offer us anything we're stuffed - Dave is self employed and I'm a discharged bankrupt!

I see the government are suspending stamp duty on properties less than £175k - that's not going to be much of a help in this area!
 
 

2012

User avatar
Posts: 15
Joined: Sun Aug 24, 2008 10:11 pm
Location:

Post by 2012 » Tue Sep 02, 2008 4:55 pm
There is another scheme in the BIG PACKAGE - where if you can't pay your mortgage then the council will take over and you pay them rent as they get to 'own it' like a pawn broker....(not entirely new)but will avert Repossession or Charging order from banks.

I think if this other scheme came in 2 yrs ago, many could have averted REPOSSESSION and possibly aviod IVA and BR.

However, the downside is the council own the Equity of the house for 'life' as one just can't pay as normal.
Last edited by 2012 on Tue Sep 02, 2008 4:57 pm, edited 1 time in total.
"Why do we buy junk and say it is not what we need but what we want?"
 
 

kallis3

User avatar
Forum Expert
Posts: 76748
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 02, 2008 5:02 pm
So I wonder what happens with that when you are able to pay normally again.

Do they pay your mortgage for you? What happens when your mortgage finishes?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

jane.l

User avatar
Posts: 645
Joined: Thu Mar 01, 2007 6:35 pm
Location:

Post by jane.l » Tue Sep 02, 2008 5:24 pm
IMO it is just more debt, although to the Government and not a bank.

Most of my debt was from stupid mistakes owning 2 houses over the years, we lost thousands on them, making bad choices. I will never buy another house again, not now we have just got a council house, the only time I will be leaving this new house will be in a wooden box[:D]
 
 

kippa

User avatar
Posts: 1
Joined: Wed Sep 19, 2007 7:17 pm
Location:

Post by kippa » Tue Sep 02, 2008 5:41 pm
im sorry but i wouldnt like to think my taxes are helping certain people avoid repo. there are people who have been a victim of circumstance ,ie marriage breakdown, redundancy and so on that should gladly be entitled to the help, but what about the people who have been reckless in their borrowing, the ones that have used up all their equity on things they want but dont need, ie that must have holiday abroad, fancy cars, keeping up with the jones etc. i just hope the goverment will be checking peoples circumstances out first.
 
 

CJ08

User avatar
Posts: 75
Joined: Sat Jul 19, 2008 1:29 pm
Location:

Post by CJ08 » Tue Sep 02, 2008 11:57 pm
i was reading about this 30% loan thing and looks like its for 1st time buyers buying a newly built house... When i saw it i was interested and wanted more info and if it was to my liking (which its not from the sound of it) i would of looked at mortgaging and looking at including the debt and getting further advice... however i think if house prices keep falling then there could be more people falling victim and the government loan maybe like a student loan where would be hard to put into an iva!
Life is one big challenge so what are you going to give me today!?
 
 

dcl

User avatar
Posts: 74
Joined: Sun Mar 04, 2007 11:10 am
Location:

Post by dcl » Wed Sep 03, 2008 10:44 am
This 30% homebuy scheme has been around in the East Midlands for some time, well over 2 years, and it is only for people who have a clean credit record apparently. So ex IVAers may struggle to be able to get on to this scheme anyway, I know as I was hoping to do it when I finish mine in February but was turned down flat due to my IVA even before I'd gone through the whole application process.
 
 

2012

User avatar
Posts: 15
Joined: Sun Aug 24, 2008 10:11 pm
Location:

Post by 2012 » Thu Sep 04, 2008 12:26 am
Well, what can I say....?? The scheme is suppose to help people to get credit when they can't...how can anyone have a perfect credit record??
The scheme is another sardonic grimm tale.....I was too hasty to think the government has turned a new leaf.....
"Why do we buy junk and say it is not what we need but what we want?"
11 posts Page 1 of 1
Return to “Latest IVA News”