http://www.gordonclown.com/2007_02_26_gordons-open-market-homebuy-scheme-a-complete-failure.html The disturbing truth behind Britain's "economic miracle", and its architect Gordon Brown Fri, 21 Nov 2008 03:57:26 +0000 http://wordpress.org/?v=2.0.4 http://www.gordonclown.com/2007_02_26_gordons-open-market-homebuy-scheme-a-complete-failure.html#comment-7 Wed, 28 Feb 2007 11:09:59 +0000 http://www.gordonclown.com/2007_02_26_gordons-open-market-homebuy-scheme-a-complete-failure.html#comment-7 Greetings, we are Homebuy Brokers and are starting to feel like the poor Companies who invested strongly into the HIPs (Home Information Packs) sector, only to find the goal posts keep moving. The Homebuy agents are all hard working and dedicated individuals and are a pleasure to work with. It's not really the schemes themselves that are at fault. We simply do not have enough Lenders and being restricted to 3.5 times income on Open Market Homebuy limits the property value. Bearing in mind the scheme is designed to help those who cannot get onto the home ownership ladder in the traditional manner enquiries are from clients in higher valuation areas ! Now Social Homebuy - Now that is something that we urge you to blog on. Ruth Kelly has announced that she is set to announce a 10% starter Mortgage for Council Tenants who cannot afford to buy all of their homes. Sounds good - £300,000 valuation - buy 10% and buy more as you go on. Wrong - very very wrong. Within the legislation on Social Home the Stamp Duty is payable from outset. So on that £30,000 initial mortgage advance a further £10,000 has to be found - upfront!!!! - 1 The Lenders are not interested and 2 Nor are the General Public once they start the ball rolling. Greetings, we are Homebuy Brokers and are starting to feel like the poor Companies who invested strongly into the HIPs (Home Information Packs) sector, only to find the goal posts keep moving.
The Homebuy agents are all hard working and dedicated individuals and are a pleasure to work with. It’s not really the schemes themselves that are at fault. We simply do not have enough Lenders and being restricted to 3.5 times income on Open Market Homebuy limits the property value. Bearing in mind the scheme is designed to help those who cannot get onto the home ownership ladder in the traditional manner enquiries are from clients in higher valuation areas !
Now Social Homebuy - Now that is something that we urge you to blog on.
Ruth Kelly has announced that she is set to announce a 10% starter Mortgage for Council Tenants who cannot afford to buy all of their homes. Sounds good - £300,000 valuation - buy 10% and buy more as you go on. Wrong - very very wrong. Within the legislation on Social Home the Stamp Duty is payable from outset. So on that £30,000 initial mortgage advance a further £10,000 has to be found - upfront!!!! - 1 The Lenders are not interested and 2 Nor are the General Public once they start the ball rolling.

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