http://www.bloomberg.com/apps/news?pid=20601102&sid=aICu0G6pjsL8&refer=uk
The money will be handed to housing associations, which will have the power to buy stakes in primary residences and then rent them back, the Department of Communities and Local Government said.
Ah so you have to sell a stake in your property to housing associations then. Mmm, can’t see a lot of people wanting to do that
Only people earning less than 60,000 pounds a year are eligible for help.
Fair enough, but won’t help a lot of white collar workers in the south east
Homeowners must also have an outstanding mortgage of less than 400,000 pounds and savings of less than 16,000 pounds to qualify for the program
That rules double bubble out then ! Who’s got a mortgage that small ?!!
“Ministers are guilty of running around like headless chickens announcing complicated, confusing and often contradictory plans, which later turn out to help far fewer people than the headlines would have you believe,” Conservative lawmaker Grant Shapps said.
He’s summarised government policy quite well there. Especially the part about helping fewer people than the headlines would have you believe
Still think it’s a good idea ?