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New Labour nationalising mortgage debt

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    New Labour nationalising mortgage debt

    http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm

    The government is to promise first-time buyers in England "free" loans of up to 30% of their home's value, in an effort to reinvigorate the housing market.

    Households earning less than £60,000 will be offered loans free of charge for five years on new properties, co-funded by the state and developers.


    So everyone else is going to subsidise other people choice to enter an exploding property market through our taxes? This is not what I thought taxes were for (health, education, policing etc)). Now they are to pay for private individuals to own property at my expense. Interesting.

    #2
    So what do the people who can't afford to get into the market now do when the five years is up and have to repay the 30% ?

    Re-mortgage or have "their" homes taken ?

    Comment


      #3
      Originally posted by FiveTimes View Post
      So what do the people who can't afford to get into the market now do when the five years is up and have to repay the 30% ?

      Re-mortgage or have "their" homes taken ?
      It's a short term measure to try and buy Labour votes. In 5 yrs time, WGAS?

      Comment


        #4
        Is there a link (prefrably to the daily mail)?

        Comment


          #5
          Originally posted by BrilloPad View Post
          Is there a link (prefrably to the daily mail)?
          http://www.dailymail.co.uk/news/arti...e-package.html

          Comment


            #6
            Originally posted by DimPrawn View Post
            http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm

            The government is to promise first-time buyers in England "free" loans of up to 30% of their home's value, in an effort to reinvigorate the housing market.
            Hmm.

            Comment


              #7
              Originally posted by expat View Post
              Hmm.
              Scots get a free education and free prescriptions no?

              English get "free" negative equity instead.

              Comment


                #8
                Another woefully ill thought out policy from an increasingly desperate and useless government.
                "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


                Thomas Jefferson

                Comment


                  #9
                  Originally posted by Ruprect View Post
                  Another woefully ill thought out policy from an increasingly desperate and useless government.
                  WHS++

                  Comment


                    #10
                    On new properties.

                    This is a subsidy to the building industry – is this legal under EU law?

                    What about the secondary housing market?
                    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

                    Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
                    Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

                    "We hang the petty thieves and appoint the great ones to high office" - Aesop

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