Owning your own home

So the government will give me some free money to buy a house with? Awesome.

Also, all those people who could afford to buy my place last week will now be able to afford to spend another 40K on it- I'd better put the price of my house up, quick!

I have a fundamental mortgage question; Can I get a mortgage on a work visa which is for a limited time?

So the government will give me some free money to buy a house with? Awesome.

Also, all those people who could afford to buy my place last week will now be able to afford to spend another 40K on it- I'd better put the price of my house up, quick!

I was genuinely worried about this: that all the headlines recently about soaring London prices would cause my guy to pull out and try to get a bit more cash.

What's "The property is let on a Statutory Periodic Tenancy" mean?

When you rent a place it is usually fixed term contract.
If you don't resign or come up with a new set of terms you go onto SPT.

This is sometimes called a rolling contract and is the basic set of statutory rights afforded to both landlord and tenant.

So, on a listing it means a place has a current tenant in it?
#out

I would guess so.
I would read that as meaning there is someone in there and under SPT they are entitled to a full rental month grace.
So if they pay their rent on the 27th of the month and you serve notice today they would have until the 27th of Nov to move.

So the government will give me some free money to buy a house with? Awesome.

The free money's for first time buyers only, no?

I have a fundamental mortgage question; Can I get a mortgage on a work visa which is for a limited time?

I'm not sure. I was definitely asked about my visa status when I got mine. I was permanent though so it wasn't an issue. Work visas might be frowned upon but you'd have to ask.

The free money's for first time buyers only, no?

Probably, however it means that I can market my house to first time buyers at a 20% markup knowing that they get this free cash.

rubs hands

Cheers; I will do that before I read into this shared ownership thing.

I was genuinely worried about this: that all the headlines recently about soaring London prices would cause my guy to pull out and try to get a bit more cash.

Good job sir Sparkes. Give me a shout if you want a hand with anything. Payment in ale is fine.

Probably, however it means that I can market my house to first time buyers at a 20% markup knowing that they get this free cash.
rubs hands

Kind of. The gov only add 15% to the deposit and the buyer has to pay it back after 5 years on some lowish rate.

It does mean that my move to leave gf off the mortgage was astute. Now she can get free monies and we can continue the long tradition of milking London's tenants for cash. Mwuahahahahahaaaa

Good job sir Sparkes. Give me a shout if you want a hand with anything. Payment in ale is fine.

;)

The free money's for first time buyers only, no?

As I understood it, it for anyone who is buying a house up to £600K that is not buying a second home.

Although they are actually moving this forward to this week now aren't they?

Not sure if you're winding me up?

Shared Ownership sales are part buy, part rent with a Housing Association. You buy a part of the house. You pay a rent on the other part you dont own.

Help to Buy is for private sales only. The central government is giving funding for deposits. It has nothing to do with shared ownership or the housing associations that run it.

If I understand it correctly. I've no interest in Help to Buy as even with some state financial guarantee we still couldnt afford to buy our own place privately.

The Tories oversaw a housing bubble and crash in the 80s, seems like they're happy to do it again.

I have a fundamental mortgage question; Can I get a mortgage on a work visa which is for a limited time?

Call Censeo and ask them. There was something in their brochure about it from the shared ownership exhibition at the weekend but I cant remember the detail. You generally need to be resident in the UK for three years before any high street lender will give you a mortgage (some friends of mine - Czech / Irish couple - are only here two and are going to have to rent for another year).

Not sure if you're winding me up?

Shared Ownership sales are part buy, part rent with a Housing Association. You buy a part of the house. You pay a rent on the other part you dont own.

Help to Buy is for private sales only. The central government is giving funding for deposits. It has nothing to do with shared ownership or the housing associations that run it.

If I understand it correctly. I've no interest in Help to Buy as even with some state financial guarantee we still couldnt afford to buy our own place privately.

The Tories oversaw a housing bubble and crash in the 80s, seems like they're happy to do it again.

There was something on the news last night about he's brining the help to buy scheme in earlier;

http://www.bbc.co.uk/news/uk-politics-24319583

Rather than in 3 months it's launched this month.

Sorry if we are talking about different things and got our wires crossed.

The Tories oversaw a housing bubble and crash in the 80s, seems like they're happy to do it again.

Seriously? No mention of Labour's last couple of terms?

As I understood it, it for anyone who is buying a house up to £600K that is not buying a second home.

Ah, ok. So I can get it, so long as I move.

Thatcher flogging off council houses started the house price insane inflation. That housing stock wasn't replaced, people made obscene profits:

A Daily Mirror investigation found a third of ex-council homes sold in the 1980s under Margaret Thatcher were now owned by private landlords.

In one London borough almost half of ex-council properties are now sub-let to tenants.

Tycoon Charles Gow and his wife own at least 40 ex-council flats on one South London estate.

His father Ian Gow was one of Mrs Thatcher’s top aides and was Housing Minister during the peak years of right-to-buy.

http://www.mirror.co.uk/news/uk-news/right-to-buy-housing-shame-third-ex-council-1743338

This government could start a huge home-building scheme, employ thousands, get them off benefits and learn a building trade, but this would be political suicide, increasing supply will depress prices. So what are the tories doing now? Exactly what they shouldn't- stoke up supply. Help-To- Buy is a bribe for well-off middle class people. Potential tory voters, in other words. Insane, and irresponsible. This tory bribe, along with foreign money flooding into London to buy property (a third of all properties over £1m are sold to overseas buyers. 40% of the new flats at Stratford have been bought by Chinese investors, who may well rent out to Londoners who get Housing Benefit) is inflating a housing bubble that may well burst long before interest rates start rising.

Ah, ok. So I can get it, so long as I move.

As I understand it, you don't even have to move, you can just re-mortgage the house you're in. You have to sign a form that says you have no other properties.

As I understand it, you don't even have to move, you can just re-mortgage the house you're in. You have to sign a form that says you have no other properties.

Fuck yeah....I'm buying me a Porsche.

Don't blame you, I would if I could! I'd feel guilty about it, but I'd be silly not to exploit a hare-brained scheme. Principles schminciples.

So I remortgage and the government loans me 15% of the value of my house for free for five years? I just have to hope that my house increases in value by more than that and it is free cash. A Porsche you say...

Seems like they then own 15% of your home though, which means if your house become worth more, than the amount you pay when you sell becomes more. or am i reading this wrong?

They don't. It's an interest free (for a couple of years) loan.

Sell the house for what I paid for it, charge 150k to leave the washing machine behind.