How does the new scheme on buying a house on benefits work?

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The principal idea is of course good. I think the reality of the cost of owning your home is massive and don't know how this will be funded. You can't have it both ways.

Makes sense. The principle is a good one.

Reply 21

Kutie Karen

Original post by Wired_1800

Makes sense. The principle is a good one.

It might be a ploy to win votes at the election bit like Maggie's scheme to have a nation of homeowners. Good in theory.

Reply 22

Wired_1800

Original post by Kutie Karen

It might be a ploy to win votes at the election bit like Maggie's scheme to have a nation of homeowners. Good in theory.

Some detractors called it a dead cat.

Reply 23

Kutie Karen

Original post by Wired_1800

Some detractors called it a dead cat.

who knows what the motives are but if people can own their own homes and they can make it work then all good.

Reply 24

londonmyst

Original post by Kutie Karen

who knows what the motives are but if people can own their own homes and they can make it work then all good.

Except for the finance provider & the taxpayer unless the system includes interest only mortgages with a clawback provision on sale or death of the homeowner to cover the total amount paid via welfare payments.

Not to mention the animosity & divisions likely to develop in some neighbourhoods as a result of people waiting years on council housing lists in emergency short term accomodation or homeless 'sofa surfers' hoping to be allocated a medium-long term rental property feeling very angry at the reduced housing stock and seeing some of those they know from their local area purchase the council property accomodation that they live in with UC payments/ other welfare benefit funds.

Never mind the bitter resentment of all the private sector renter professional under 45 spending half or more of their monthly paycheck on rental costs and unable to afford to save towards a deposit nor qualify for a mortgage of even 20% of the average 2 bedroom with small garden property price in their local areas.