Justin O'Neill

[Justin O'Neill @closingandsales]

@StephenD_ @AnaboliclyJelqd By all means, feel free to DM.

[Justin O'Neill @closingandsales]

@JimFlixt6uo @moving_charlie In hindsight rented. But what I should have done was saved more, enough for a 10% deposit, and bought a flat outside of the scheme at a much lower price.

[Justin O'Neill @closingandsales]

@MaxVS29 Yes you start paying interest on it and it escalates every year.

[Justin O'Neill @closingandsales]

@frangifide @FreeLeasehlders @AnaboliclyJelqd Unfortunately my generation of HTB will be exempt as our apartments are no longer “new builds”.

This is actually a much more common scenario than you’d think. People are only starting to find out the full consequences whilst trying to move up the ladder years later.

[Justin O'Neill @closingandsales]

@paparoysan @moving_charlie Circumstances change and you get wrecked on service charges increasing.

My service charge has gone up 20% year on year.

[Justin O'Neill @closingandsales]

@JimFlixt6uo @moving_charlie No, the negative equity, is so great, it has not only wiped out initial deposit and all mortgage payments over last 6 years, I need to pay additionally out of savings to be able to replay the loans when do sell (if we manage to sell).

Been on since March and now -£160k.

[Justin O'Neill @closingandsales]

@frangifide @FreeLeasehlders @AnaboliclyJelqd It’s actually worse than if we just rented because of how much negative equity it is.

We are losing our initial deposit, all of the mortgage payments we paid in, as well as having to pay more out of pocket to be able to sell and repay the loans.

[Justin O'Neill @closingandsales]

@CivilSuccess @mindofprospect @HarryScoffin @AnaboliclyJelqd Exactly. The scheme IS the reason why they sold for that price. They were selling the promise of future value that was not yet realised - and it backfired massively.

[Justin O'Neill @closingandsales]

@mindofprospect @HarryScoffin @AnaboliclyJelqd Yes I see your point but in reality (or at least when I did it and for many in London), the only properties were leaseholds with inflated values. So I think if someone can get a freehold property with the scheme and stays for life, it could work well.

[Justin O'Neill @closingandsales]

@mindofprospect @HarryScoffin @AnaboliclyJelqd Because on paper we couldn’t afford beyond say £320,000, but with help to buy we could “afford” £450k+ (40% London equity loan).

Developers know this and jack up the prices - remember, this scheme is only available for new builds…

[Justin O'Neill @closingandsales]

@MrInvestment3 @MerrynSW Prepare yourself, I’m at -30% on purchase price and counting, still not sold :)

[Justin O'Neill @closingandsales]

@mindofprospect @HarryScoffin @AnaboliclyJelqd 2. And the 2.5% deposit (5% for me) is only available for this scheme, there will be no standard product available to buy a normal property. Point is, the system is designed for you to buy an overpriced “asset” with unfavorable terms.

[Justin O'Neill @closingandsales]

@PhilH23 @TowerHamletsJL @AnaboliclyJelqd Out of control service charge increases and unfavorable ground rent terms. Cladding all fine. New build premium too with HTB scheme.

[Justin O'Neill @closingandsales]

@AnaboliclyJelqd Yep, many of us are completely stuck, unable to sell, even listing for more than 150k less than what we paid for the apartment.

[Justin O'Neill @closingandsales]

@j05whu @AnaboliclyJelqd Drop in value on the property. Only have a chance at selling for £150k less - developers bait you in with low service charges and then jack them up.

Also HTB always carries a hefty premium, like a new car. Soon as you move in, you’ve lost a chunk of value immediately.

[Justin O'Neill @closingandsales]

@andyburnham This will put a whole generation in negative equity Andy.

Do NOT do it.

Please - 100,000s of us are already in negative equity from the last help to buy scheme.

This ONLY benefits house builders.

DO NOT DO IT.

[Justin O'Neill @closingandsales]

@BrandonLewis As someone who is in massive negative equity (along with 100,000s of others) from the last help to buy scheme, this will be a disaster.

Developers are the ones that benefit, and years later unsuspecting first time buyers are left to deal with the fall out.

Awful decision.

[Justin O'Neill @closingandsales]

@ukhpinfo As someone in massive negative equity and unable to sell from the last HTB scheme, this is a complete car crash.

The full extent of the destruction from the last HTB scheme is yet to be fully realised.

[Justin O'Neill @closingandsales]

@RileyRedux @Wizardman37 @moving_charlie You are assuming your circumstances will never change. Can you guarantee that? If you need to sell when you are in negative equity, I guarantee you it’s horrendous.

Trust me, this policy only benefits developers. Nice idea but in practice it is destructive.