Re: The Belfry - Citywest - Guards advice
Its not people on a minimum wage that got the affordable housing, there were still qualifying factors that you needed and the bank aren't going to give just anybody a mortgage. The only difference with normal purchasers and affordable is the price of the house but as was said earlier the people on affordable housing have a claw back feature built into their contracts, I was talking to one girl and she has a 50% clawback in her deal as in if she gets the house for 100k but it is worth 200k (she has therefore got a 50% reduction)then sells it for 300k (simple numbers just to make it easy) she has to pay back 50% of the 300k (ie 150k) not just 50% of the profit she made, then she has to pay off her mortgage so she would be only left with a little profit for herself.
corco2000 said:mmm well to be honest Im gona find it hard to pay the management fee each year on a decent enough wage what will happen to people who are on minimum wages who can't afford it. This will surely have an over all effect on the development?Do you think. Just one issue I think might happen.
Its not people on a minimum wage that got the affordable housing, there were still qualifying factors that you needed and the bank aren't going to give just anybody a mortgage. The only difference with normal purchasers and affordable is the price of the house but as was said earlier the people on affordable housing have a claw back feature built into their contracts, I was talking to one girl and she has a 50% clawback in her deal as in if she gets the house for 100k but it is worth 200k (she has therefore got a 50% reduction)then sells it for 300k (simple numbers just to make it easy) she has to pay back 50% of the 300k (ie 150k) not just 50% of the profit she made, then she has to pay off her mortgage so she would be only left with a little profit for herself.