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More on the Governments Shared Partnership

In the Budget on wednesday the Chancellor stated that First Time Buyers could access a scheme that will loan them 20% of the deposit money. They still have to provide 5% of their own funds and must buy new-builds only. For those in the know new builds are more risky in financial terms than a second hand house (the normal stock). New builds are priced upon ‘lifestyle’ rather than bricks and mortar valuations – generally up to >10% more pricey. So I think that the first time buyers could be there for a long time (to wait for the true bricks and mortar valuation to surpass the inflated price).

And after 5 years the interest charged is 1.75% (from year 5-6) and ‘inflation’ (what inflation CPI or RPI XXI?) + 1% in the future. So taking CPI at 4.4% it is 5.4% (from year 6 onwards – hypothetical). Mind you, you have to pay the loan back when you sell.

For me I think I could do better on the open market or auctions.

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