Squeeze on Help to Buy mortgages: Bank of England ready to act on house price bubble by reining in controversial scheme
With prices rising at up to 10 per cent a year, the Organisation for Economic Co-operation and Development said there was a danger that people were borrowing more than they could ever pay back. The OECD – a respected international think-tank – also said housebuyers should be required to put down larger deposits.
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Daily Mail
Help-to-buy mortgage is the biggest mistake, because the tax payers are funding the 5% scheme for buyers who are offering £50,000 to £70,000 over the asking price. So if those 'first time buyers' have that sort of money to throw over the asking price, then why do they need 5% help-to-buy scheme? People are losing out on properties because these so-called 'first time buyers' are outbidding them by astronomical £50,000 to £70,000 over the asking price. Those people don't realise that they will be in negative equity when interest rates go up. Plus, a new development near me with beautiful apartments, has been bought by people of whose majority will not live in them. Help-to-buy is the biggest mistake the government has ever created. It has completely spiralled out of control. Market is overheating and is becoming a threat to the already artificial economic recovery.
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