Osborne says he is closing the loophole & second home buyers wont be able to benefit from the scheme. Not before time, much as I would have liked to benefit from the Gvmts absurd generosity.
They should have spotted this before they announced the policy. If they were aware of it and ignored it, they were stupid. If they hadnt thought of it, they are incompetent.

http://www.mortgageintroducer.com/mortgages/247105/5/Industry_in_depth/Chancellor_moves_to_allay_Help_to_Buy_fears.htm

Doesnt allay my fears though. The scheme is a blatant electioneering bribe. If people cant afford a property whilst interest rates are low, then what happens when interest rates revert to average ie 6-7%? It is irresponsible encouraging people into debt. There is no guarantee that house prices will continue to rise. Once interest rates start rising (& Gvmts have NO CHOICE over this as rates are dictated by the market) then demand for property will fall as people will not be able to pay their mortgages & will need to sell. Bubble bursts.

Carnage. The scale of the fallout will be immense.

Gvmts are debtoholics & unfortunately most of the public are oblivious to the risks and that MARKETS control interest rates. Use the scheme by all means but make sure you will be able to afford a mortgage at 7%, do not assume wages will increase but do assume that inflation will be at least 5%pa so that the cost of living will also be eroding your spending power.

As they used to say on Hill Street Blues…”Lets be careful out there”.

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