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O.A,P, or first time buyer?


Gastines
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After listening to Mr Darling's attempt at balancing the books,I just wondered as an O.A.P. if I return to UK and buy a house under £250K ,will I qualify for the stamp duty exemption?

The other question is if you borrow another estimated £163 BILLION next year and slightly less each year for the next 3 years ,exactly how do you half what you aleady owe?

I know I was only top in Art at school and somewhat down the ranking in Maths,usually 4thor5th out of 28 but I think I'm missing something somewhere,possibly in the repayment and interest department.
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Having now read the "Catch" in the small print,:Anyone already on the land register doesn't qualify."I wondered given the way they deal with any other enquiries if they will notice I'm on there 14 times?

Still wondering how many first time buyers can afford £250.000?
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[quote user="Russethouse"]

But won't it inflate the lower end of the market ?

[/quote]

Bang on the old button, RH.

And this, of course, is the core problem with the wholly dysfunctional UK housing market: supply.

Since the young Guillaume took over the place in 1066, the vast majority of the developable land mass still sits in the ownership of of a minority of blue bloods, most of whom can trace their genetic heritage right back to that day.

"Many thanks for coming over and supporting me today, Sir Guy: you can thus have Wiltshire as a small token of my gratitude!"

Darling Darling's last two clever initiatives, Car Scrappage and Boiler Scrappage have been of much assistance to foreign manufacturers. (Most UK spec boilers are made in the EU).

A disastrous result of car scrappage has been the destruction of typically low mileage small cars which would have been cycled through the used car trade: this has caused an insane price rise in used vehicles: in particular such as Nissan Micras sold secondhand as first cars for youngsters.

 

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[quote user="Gastines"] Still wondering how many first time buyers can afford £250.000?[/quote]

I am afraid long gone are the days when lenders lent what you can afford. I think the answer is don't get married but buy a house half each then apply for a mortgage at five time's your salary each for a 110% loan and get a nice new car to go with your nice new house. How do you think they got in to this mess in the first place, it was not trough being prudent thats for sure.

 

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[quote user="Gastines"]After listening to Mr Darling's attempt at balancing the books,I just wondered as an O.A.P. if I return to UK and buy a house under £250K ,will I qualify for the stamp duty exemption? The other question is if you borrow another estimated £163 BILLION next year and slightly less each year for the next 3 years ,exactly how do you half what you aleady owe? I know I was only top in Art at school and somewhat down the ranking in Maths,usually 4thor5th out of 28 but I think I'm missing something somewhere,possibly in the repayment and interest department.[/quote]

I just read the report in The Times on the budget. He meant that he will be borrowing 11bn less than last year. As Cameron said whats 11bn when your borrowing 167bn (about 6.6% less).

Whilst tax has not gone up for ordinary folks your NI contribution will be going up by 0.5%, sneaky.

Its an election budget pure and simple. Sad thing is some will fall for it.

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[quote user="Quillan"]

I am afraid long gone are the days when lenders lent what you can afford. I think the answer is don't get married but buy a house half each then apply for a mortgage at five time's your salary each for a 110% loan and get a nice new car to go with your nice new house. How do you think they got in to this mess in the first place, it was not trough being prudent thats for sure.

[/quote]

Quillan - I think that in the unlikely event of you returning to England and looking for a mortgage you would find that those days have returned. Getting a loan without a substantial deposit is very difficult now and few if any lenders will lend based on those multiples of salary. 85% maximum loans, based on 3-3.5 times salary, seem to be the norm at present; about the most generous seems to be the ill-fated Northern Rock which will lend up to 4.2 times joint salary.

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[quote user="Quillan"]

[quote user="Gastines"]After listening to Mr Darling's attempt at balancing the books,I just wondered as an O.A.P. if I return to UK and buy a house under £250K ,will I qualify for the stamp duty exemption? The other question is if you borrow another estimated £163 BILLION next year and slightly less each year for the next 3 years ,exactly how do you half what you aleady owe? I know I was only top in Art at school and somewhat down the ranking in Maths,usually 4thor5th out of 28 but I think I'm missing something somewhere,possibly in the repayment and interest department.[/quote]

I just read the report in The Times on the budget. He meant that he will be borrowing 11bn less than last year. As Cameron said whats 11bn when your borrowing 167bn (about 6.6% less).

Whilst tax has not gone up for ordinary folks your NI contribution will be going up by 0.5%, sneaky.

Its an election budget pure and simple. Sad thing is some will fall for it.

[/quote]

Darling Darling did announce a doubling of Annual Investment Allowance to £100,000, which is helpful: more so since he previously cut capital allowances write off from 25% Straight Line, to 20%.

His whole speech, warts and all may be read here:

http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_186442.pdf

 

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[quote user="Gastines"]After listening to Mr Darling's attempt at balancing the books,I just wondered as an O.A.P. if I return to UK and buy a house under £250K ,will I qualify for the stamp duty exemption?

The other question is if you borrow another estimated £163 BILLION next year and slightly less each year for the next 3 years ,exactly how do you half what you aleady owe?

I know I was only top in Art at school and somewhat down the ranking in Maths,usually 4thor5th out of 28 but I think I'm missing something somewhere,possibly in the repayment and interest department.[/quote]

To answer the second part of the question - He is only planning to halve the annual deficit by 2014 not the total amount owed.    In fact the total debt will double over these years to £1.4 trillion or thereabouts.

Even if halving the annual deficit can be achieved by 2014, it would take several more years of deficits before any Chancellor could produce a "balanced" budget.  This means that in maybe 8 year's time a Chancellor might announce that he is now ready to start reducing the debt of possibly a couple of trillion run up by Gordon Brown.  

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