Grandad i think you have got through the good times! like my old man got his 3 bed bungalow for 25,000 payed the higher intrest to start and then kept paying the higher when intrest repayments droped.....he payed his 15 year mortgauge off in 10 years! saving himself 5 years on the life insurance cover they insisted he took out!


I looked at this government HOMEBUY SCHEAM and from my workings out they give you 15-40%on a home on the open market and you get a mortgauge for the remainder .sounds great when they say they will only take 1.5% intrest on the amount they put in!

did a little calculator thing online and this is how it looked

house 3 bed 143,500
homebuy at 15% 21.525 ( lowest as i dont know what we could get)
our mortgauge 121,975 ( for calculations sake at 6.2%)


buy it on your own with a small deposit and its £895 a month
through the home buy program same would be £754 + £322 for the 1.5%
if my sums are right that £1,076 a month so to make it affordable i pay extra £180 durrrrr

have i missed something? it sure doesnt look like it helps people to get on the housing market......and now they want bigger deposits as well......

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