Its good to hear today that Moneysavingexpert Martin Lewis has been interviewed and quoted on the news as he is warning people about this scheme.

This should help get the message across to the public that interest rates WILL rise, and they need to ensure that they can pay their mortgage when that happens.

I am fearful that many naive buyers and new investors will not be able to afford the repayment. Frankly the scheme is designed to win votes and to bail out the banks by inflating house prices so the banks dont lose money on their property bad debts.

Home ownership isn’t a right and it isn’t essential. It comes with large financial risks & its irresponsible of the Gvmt to encourage people to buy properties.

Did the Gvmt learn NOTHING about the crash that was ultimately caused by debt? Patently not. They are still over-borrowing and encouraging people to take on more debt even though we are already the most indebted nation on earth per capita. It cannot end well.

If you are thinking of buying, by all means use the scheme, but be very careful of what you are buying and how you will pay back your mortgage. A 10 year fixed rate based on today’s rates looks like a good place to start to me for anyone who wants to own a property long-term.

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