Posts Tagged ‘Right to Buy’
Will The Governments New Help to Buy Scheme Apply To The Right to Buy Scheme For Council Properties?
No, it’s for new build property only to help kick start the building as well as buying market.
From 2014 the government are using a mortgage equity guarantee which will apply to any property new or old.
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Whilst the dust is settling on the radical new government house buying scheme announced yesterday, many are asking the question of whether this will simply fund second homes which seems to be a grey area. The key shift is that as with the Margaret Thatcher era of Right to Buy your council house scheme, the new Help to Buy offer is believed to become a significant part of Britain’s future economy and hopefully will kick start lending and the financial system and boost confidence and jobs in the construction industry.
This staggeringly radical mortgage guarantee scheme have already been tried in the USA in 1938 called Fannie Mae and Freddie Mac. That there was only meant to last for a few years but as we know lasted many decades and was responsible for the growth in the property market.
Commenting on this topic Sky News Economics Editor Ed Conway states “What’s increasingly clear, though, is that this is a definite shift from the UK Government. It is determined to boost mortgage lending and home-owning in Britain and is taking radical steps to do just that.”