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Global bank strategist hits out at ‘that moron’ Gideon over Help to Buy


sancho panza

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While searching for some HTB data using DuckDuckGo, it does throw up some interesting results that would unlikely to have appeared with a google search.

Interesting thread from some "normies"

https://forums.overclockers.co.uk/threads/any-help-to-buy-customers-paid-off-the-loan-or-added-it-to-mortgage-yet.18827062/

HTB in Ireland

http://www.moneyguideireland.com/help-buy-scheme-first-time-buyers.html

 

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1 hour ago, Admiral Pepe said:

While searching for some HTB data using DuckDuckGo, it does throw up some interesting results that would unlikely to have appeared with a google search.

Interesting thread from some "normies"

https://forums.overclockers.co.uk/threads/any-help-to-buy-customers-paid-off-the-loan-or-added-it-to-mortgage-yet.18827062/

HTB in Ireland

http://www.moneyguideireland.com/help-buy-scheme-first-time-buyers.html

 

Western nations govts are copying each others corrupt practices, read about a similar scheme in the USA>

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Quote

they really should have let us know how much doing this would cost at the start. Maybe they did but pretty sure they didnt and even if they did many as first time buyers are just excited to have their home and aren't yet worried about what happens 5 years down the line

It's subprime all over again, any wonder so many banks don't want to touch it. Good trick though how they've turned two generations of the middle class into a mountain of subprime debt.

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The sob stories are already out there ...

HTB Borrowers Trapped

HTB Borrower Trapped After Price Drop

FTBs Pay More With HTB

HTB Time-bomb

I've not seen any articles about people who didn't realise they needed to pay off the government loan yet but I'm sure they will start appearing next year.

How long until this develops into the next misselling scandal?

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19 minutes ago, PaulParanoia said:

The sob stories are already out there ...

HTB Borrowers Trapped

HTB Borrower Trapped After Price Drop

FTBs Pay More With HTB

HTB Time-bomb

I've not seen any articles about people who didn't realise they needed to pay off the government loan yet but I'm sure they will start appearing next year.

How long until this develops into the next misselling scandal?

I don't think there will be too many stories from people who didn't know or realise they should pay it off. I assume most just think it will tick over unaware the mess they're about to walk into. The real shock will comes from the fees levied ontop of then finding out they're more than likely trapped, unable to remotrgage and in negative equity. Defintely a mis-selling scandal coming and I wouldn't be surprised if they were well aware and was planned for. Information is without doubt obfuscated.

Then see on the other side for the savers.  They want to scrap the LISA because apprently no one understands it, yet it's plain as day and actually straightforward to understand.

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A housing expert (didn't catch his name) on the So-Called BBC Today programme this morning said that HTB was a direct subsidy to housebuilders. (This was in relation to the news that Persimmons CEO is leaving.)  I nearly choked on my coffee..................someone telling the truth on the So-Called BBC, whatever next:Jumping:

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2 hours ago, PaulParanoia said:

The sob stories are already out there ...

HTB Borrowers Trapped

HTB Borrower Trapped After Price Drop

FTBs Pay More With HTB

HTB Time-bomb

I've not seen any articles about people who didn't realise they needed to pay off the government loan yet but I'm sure they will start appearing next year.

How long until this develops into the next misselling scandal?

Was talking to a friend yesterday and asked about one of our dippy mates.

Anyway he is 45 with a Mrs who is 40ish ... they've 1 young child

Story goes he is buying a new build house in Dorset for £350,000, with help from a government scheme.

As he is 45 they can only get a 20 year mortgage and the repayments are £1500PCM(i dont know if this included HTB repayments in 5 years) ... now i know his earnings will be £25k ish and his Mrs presumably nearer £45k as she has a decent job.

I informed my friend all about Help to Buy stating in 5 years he'll struggle to get a mortgage as banks are afraid to touch these people so it'll be much higher ... at that point my friend informed me yes in 5 years he has to get another mortgage ... so presumably he is on a 5 year fix.

If i were him id be hoping for hyperinflation whilst on the 5 year fix as its the only way this is getting paid off.

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On 07/11/2018 at 13:44, Banned said:

Was talking to a friend yesterday and asked about one of our dippy mates.

Anyway he is 45 with a Mrs who is 40ish ... they've 1 young child

Story goes he is buying a new build house in Dorset for £350,000, with help from a government scheme.

As he is 45 they can only get a 20 year mortgage and the repayments are £1500PCM(i dont know if this included HTB repayments in 5 years) ... now i know his earnings will be £25k ish and his Mrs presumably nearer £45k as she has a decent job.

I informed my friend all about Help to Buy stating in 5 years he'll struggle to get a mortgage as banks are afraid to touch these people so it'll be much higher ... at that point my friend informed me yes in 5 years he has to get another mortgage ... so presumably he is on a 5 year fix.

If i were him id be hoping for hyperinflation whilst on the 5 year fix as its the only way this is getting paid off.

Why would a house in Dorset ,with pretty low mean salary be any more than 150k-ish?

Yes I know ... but you have to frame the price with local earnings and jobs.

 

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And on HTB remortgages....

Why would any bank want to take that business when by the very act of getting a HTB mortgage, means the borrower cannot afford the mortgage?

HTB was a stupid political decision to hand load of money to crap builders.

What the fuck would the remortgaging bank get out of the deal - a borrower who cannot afford that has a shit resale price.

If anything comes out this Perissiopm bonus fuckup its UKGOV forcing PEris9oom to preopy rebuild, at expesnee, all the shit houses it put up.

Seriously, I can see the fall out of HTB and the CEOs bonus being Perisoom equity being wiped out.

 

 

 

 

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Lets takes Mr n Mrs HTB (NE) where a lotof HTB were sold.

Buy 5 years ago.

NE market has probably tanked by 10-15% sicne then - theres so few sales its hard to get a bearing, but its down.

Knock off 20% of the new build price - they are way over valued.

Knock another 10% off for a quick sale - they cannot aford the mortgage.

Easyily see the price being 50% off the HTB price.

So who swallows the loss?

I

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On 07/11/2018 at 10:50, PaulParanoia said:

The sob stories are already out there ...

HTB Borrowers Trapped

HTB Borrower Trapped After Price Drop

FTBs Pay More With HTB

HTB Time-bomb

I've not seen any articles about people who didn't realise they needed to pay off the government loan yet but I'm sure they will start appearing next year.

How long until this develops into the next misselling scandal?

'Charles Malcolm and partner Jessica Dawson bought their flat for £205,000

They used Help To Buy to get the financial boost they needed to secure it

But the property was valued at the end of last year at only £175,000'

Id take that valuation  with a pinch of salt.

Its Aberdeen. Realistic price with a chance of selling this side of 2060  would be 100k.

 

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48 minutes ago, spygirl said:

Why would a house in Dorset ,with pretty low mean salary be any more than 150k-ish?

Yes I know ... but you have to frame the price with local earnings and jobs.

 

Because we have a corrupt socialist government that uses taxpayers money to boost the price of housing, with a complicit BoE who lower the price of debt.

Take away the HTB boost to bring it down to £280K, its still insane but slightlyless so.

About 19 years ago i helped build a 3 bed house  right next to the entrance to Sandbanks beach itself ... from memory i think it was being sold for £180,000 which seemed loads at the time.

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