El Cid Posted January 3, 2017 Author Share Posted January 3, 2017 Its been announced today that Sheffield has been chosen as one of 30 councils to be given funding to build new discounted starter homes across Sheffield on brownfield sites. The discount would be at least 20% below market value. I am buying my council house 35% below the market value. That is very crafty, use a different word(below market value instead of discount) and no one will notice. I think social housing stock is so low, they should reduce the discount when buying them, next year Link to comment Share on other sites More sharing options...
lottiecass Posted January 3, 2017 Share Posted January 3, 2017 You are doing the best thing you will ever do el cid, it will soon be paid for,a real investment that will give you security. Link to comment Share on other sites More sharing options...
BoroB Posted January 3, 2017 Share Posted January 3, 2017 I think it started to go downhill with the buy-to-let mortgages, so those with a bit of cash could buy up cheaper houses and rent them out, making less houses for first time buyers. Might be wrong.... Abolishing MIRAS (mortgage interest relief at source) in the late 1990's contributed to the start of Buy To Let. MIRAS helped subsidise interest on the first £30,000 of borrowing thus helping thousands of ordinary families to be able to get a foot on the housing ladder. Link to comment Share on other sites More sharing options...
apelike Posted January 3, 2017 Share Posted January 3, 2017 Abolishing MIRAS (mortgage interest relief at source) in the late 1990's contributed to the start of Buy To Let. MIRAS helped subsidise interest on the first £30,000 of borrowing thus helping thousands of ordinary families to be able to get a foot on the housing ladder. But we now have the Help to Buy scheme which subsidises first time buyers. ---------- Post added 03-01-2017 at 20:14 ---------- I am buying my council house 35% below the market value. I think social housing stock is so low, they should reduce the discount when buying them, next year Will be doing the same this year and buying my flat with a maximum discount, valued at £85,000 and will cost around £21,000. Link to comment Share on other sites More sharing options...
BoroB Posted January 3, 2017 Share Posted January 3, 2017 But we now have the Help to Buy scheme which subsidises first time buyers. ---------- Post added 03-01-2017 at 20:14 ---------- Didn't Help To Buy finish on December 31st 2016? Within seven years of MIRAS being abolished house prices in a lot of areas in Sheffield had trebled and Buy To Let had flourished. Coincidence? Link to comment Share on other sites More sharing options...
apelike Posted January 3, 2017 Share Posted January 3, 2017 Didn't Help To Buy finish on December 31st 2016? As far as I know no. Within seven years of MIRAS being abolished house prices in a lot of areas in Sheffield had trebled and Buy To Let had flourished. Coincidence? Not sure about that one only that there was a lack of building new homes making those that were built more expensive which also pushed up prices all round. Link to comment Share on other sites More sharing options...
BoroB Posted January 3, 2017 Share Posted January 3, 2017 As far as I know no. Not sure about that one only that there was a lack of building new homes making those that were built more expensive which also pushed up prices all round. From help to buy website: The Help to Buy: mortgage guarantee scheme will be open until 31 December 2016. - See more at: https://www.helptobuy.gov.uk/mortgage-guarantee/how-does-it-work/#sthash.kR3wk3p7.dpuf Plus the fact that uncontrolled mass immigration has led to more demand for houses. Link to comment Share on other sites More sharing options...
apelike Posted January 3, 2017 Share Posted January 3, 2017 From help to buy website: The Help to Buy: mortgage guarantee scheme will be open until 31 December 2016. - See more at: https://www.helptobuy.gov.uk/mortgage-guarantee/how-does-it-work/#sthash.kR3wk3p7.dpuf Ahh, thanks for that. I had recently seen adds for buying a home in 2017 through help to Buy so thought it was still available. Maybe that why the Government have now announced this new initiative, see post 33. Link to comment Share on other sites More sharing options...
El Cid Posted January 3, 2017 Author Share Posted January 3, 2017 10 year fixed mortgage = 3.3% APRC, Nationwide, still looking Link to comment Share on other sites More sharing options...
Margarita Ma Posted January 3, 2017 Share Posted January 3, 2017 But we now have the Help to Buy scheme which subsidises first time buyers. ---------- Post added 03-01-2017 at 20:14 ---------- Will be doing the same this year and buying my flat with a maximum discount, valued at £85,000 and will cost around £21,000. Be aware that buying a flat is not the same as buying a Freehold House. 1. Flat will be leasehold. 2. There will be service charges. 3. There will be ground rent. 4. There are usually additional provisions for Sharing costs of Major repairs to a block of flats. 5. You may be tied in to a particular insurance company. Link to comment Share on other sites More sharing options...
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