Crabcakes wrote: ↑Fri Jun 10, 2022 11:52 am
As has been pointed out elsewhere, the whole idea is absolute bullshit and is unworkable - you can’t buy a house on benefits because you don’t get benefits if you have the level of savings you would need for a deposit.
Next week I suspect there’ll be some electric car wheeze because of record petrol prices, which also won’t actually work.
In Spoonyland about a year ago, you might have been able in theory to put a deposit down on either a flat or a small semi-detached at a 10% deposit (15% at a big push) if you had enough in savings not to tip you over the £16k threshold. I say in theory, of course because what bank with any half-decent reputation would offer a mortgage to someone whom is either long-term unemployed or is deemed unfit for work? Today it's still possible in theory for, I'd guess, for many former Housing Executive properties or a small house in some places, but I'd be amazed at anyone that could secure it whilst surviving on benefits in the long term.
Truth be told, it's a cunning dead cat announcement because not only is it utterly impractical to implement even if you force banks at gunpoint to offer such mortgages, it also preys on "divide and conquer" by getting those whom are in work but on below national-average wages where the aspiration of home ownership is bleak to give off about "those sitting on their hole etc." being given the chance to get on to the housing market. It also keeps the property developer chums of high-up Tories onside.
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