I think the old scheme was Two years tenancy to qualify. Thirty two percent discount once you qualified. One percent per year extra, beyond two years. Therefore 50% maximum on houses, after 20 years. More on flats. The discount would cover the deposit in all cases. If you sold within 5 years, you had to give the discount back.
Presumably if you were to use housing benefit to pay the mortgage payments, the housing benefit payments would have to just about cover the payments otherwise you would probably struggle to get mortgage approval.
They are currently promising to replace those that are sold on a one for one basis. We will probably have to wait and see on that.
It could be a good scheme if they stick to their word, but what are the odds on that?
Thats a bit of a stupid thing to say. Assuming the housing benefit just about covers the mortgage payment, you are guaranteed to receive it. Unlike people that are working and not claiming benefits. The only thing they are guaranteed when they go sick is 80 odd quid per week. Which is unlikely to cover the mortgage payments. And absolutely nothing should they lose their job.
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Two years tenancy to qualify.
Thirty two percent discount once you qualified.
One percent per year extra, beyond two years.
Therefore 50% maximum on houses, after 20 years.
More on flats.
The discount would cover the deposit in all cases.
If you sold within 5 years, you had to give the discount back.
Presumably if you were to use housing benefit to pay the mortgage payments, the housing benefit payments would have to just about cover the payments otherwise you would probably struggle to get mortgage approval.
They are currently promising to replace those that are sold on a one for one basis.
We will probably have to wait and see on that.
It could be a good scheme if they stick to their word, but what are the odds on that?
https://www.express.co.uk/finance/personalfinance/1623100/Universal-Credit-saving-lifetime-isa-Boris-Johnson-housing-association-today
We keep hearing about staff shortages everywhere.
Assuming the housing benefit just about covers the mortgage payment, you are guaranteed to receive it.
Unlike people that are working and not claiming benefits.
The only thing they are guaranteed when they go sick is 80 odd quid per week.
Which is unlikely to cover the mortgage payments.
And absolutely nothing should they lose their job.
https://www.msn.com/en-gb/money/other/new-blow-for-boris-johnson-as-home-ownership-plans-dismissed-as-unworkable-and-a-gimmick/ar-AAYhcEt?ocid=msedgntp&cvid=38eaa2ea79954324aa863a8f5e80cfdd