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red81's Profile
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To red81's last 5 rumour replies
Help to buy schemes are a disaster waiting to happen, especially if you are going to buy a new build. As new builds are sold over value, you will immediately be in negative equity. With interest rates increasing within the next 2 years, lenders will more then likely refuse to offer a new product when your existing deals ends, this is currently happening with shared equity schemes. The result is leaving you on svr which can raise at any time. If interest rates do increase by 1% you will be paying at least 6% if not more. Once this happens you will find more people default on their mortgage resulting a house price crash leaving those who are on a help to buy in even bigger negative equity. My advance as a cemap qualified mortgage adviser is to wait and save a bigger deposit. It gives you a bit more breathing space if things go belly up.
Frank, I can't believe you are boasting and advising people to go bankrupt. Declaring yourself bankrupt is the last resort, however it's nothing to brag about. You purchased the goods, you got yourself in debt, you pay it off. Why should someone else pay it for you. It's people like you that has got this country in financial trouble. Be warned, those that are thinking of doing this, although it comes off your credit file in six years, banks can always see this and getting a mortgage will be a nightmare. The same goes for Iva