I’m sorry, I have been giving false hope ! – Samuel Leeds

I'm sorry, I have been giving false hope ! – Samuel Leed

Back in October, I discussed the help to buy scheme with my brother Russell who didn't agree with me stating that it’s screwed over first time property buyers.

At the time, I thought that it's an amazing scheme however, what they say is that it doesn't cost anything and in the real sense, it’s more of a help to sell scheme and not a help to buy scheme and so, calling it a help to buy scheme is misleading because they can't help to buy but rather help to sell.

In Russell’s opinion, he believed that it’s financially viable for developers to build more houses and be able to sell them at a good profit because it's sometimes hard to find a deal where you're going to make a lot of profit and so, they want more houses.

However, what Boris was talking about was something different as they're doing another help to buy scheme as well but I just don't know what to think.

I am so pissed off because I’ve been tricked by Boris Johnson and maybe I’m overreacting but I think what's happened is that, about a month ago, Boris Johnson announced that he was going to help first-time buyers with a brand new initiative which is going to help first time buyers get on the property ladder as he said that they could just put down a five percent deposit.

I had conversations with Russell about this as I stated that it's a great project but Russell was like, let's just wait for the details as he was skeptical and I was excited because they had just announced a very good project.

If what Boris was talking about a month ago is this new help to buy scheme I’ve just read the t's and c's to, then it is the worst scheme ever.

All of this is my opinion and I might be wrong but here's the new scheme as I’m going to explain to you.

This is what's happening, you can just put down five percent and you're going to be able to get 95 percent as everyone was excited about it and now it turns out to be a help to buy scheme.

Why is the help to buy scheme so bad?

Well, because it only applies to new builds which means that the government is going to lend you money to buy a new build but these new builds are going to be overpriced as you've got to live in them.

The thing that freaks me out on the government’s website is all this marketing spiel as they're so desperate for you to get into the help to buy scheme the same way they are so desperate for you to go to the university and get student debt.

I’m so disappointed by this because the truth is, it's talking about that feeling of helping people get on the ladder and I’d love to have a conversation with any political personnel because people don't quite get where I’m coming from as they just don't get that this is to help developers sell.

The good news is that they are tightening up on developers by making sure that they are providing good accommodation because what was happening is people were using the help to buy scheme to buy terrible properties that are overpriced.

They were getting all this debt and then the properties were dropping in value as they're being left in negative equity and couldn't even shift or sell the property which is just an absolute joke.

The government is giving you a loan to buy a terrible house that's a liability and not an asset which they are then charging you interest after five years which is really confusing as they start rising each year.

Russell was right, I was wrong and it sucks because it’s just another help to buy scheme from the government because I don't think it's helping people at all and the only people it’s helping are the very wealthy people and not the poor or the middle class.

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