First-time buyers need £90,000 salary to pay off Help to Buy loan in five years
While buyers can get the loan the same way they can get any mortgage, with a loan-to-income test, the huge size of the loan means even those on high salaries will struggle to pay it off during the interest-free period, which lasts for five years after the loan is taken out.
And once the interest-free period is up, the charges amount to thousands every year - and if the property increases in value, so does the government's share.
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So in 2018, the government is going to become a homeowner on an increasing scale? Personal debt will soar?
The government will then have a vested interest in maintaining high house prices? And there will be a lot more wage slaves?
Hopefully AtW will be along shortly to point out the solution to this.....
While buyers can get the loan the same way they can get any mortgage, with a loan-to-income test, the huge size of the loan means even those on high salaries will struggle to pay it off during the interest-free period, which lasts for five years after the loan is taken out.
And once the interest-free period is up, the charges amount to thousands every year - and if the property increases in value, so does the government's share.
---------------
So in 2018, the government is going to become a homeowner on an increasing scale? Personal debt will soar?
The government will then have a vested interest in maintaining high house prices? And there will be a lot more wage slaves?
Hopefully AtW will be along shortly to point out the solution to this.....
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