local councils offering first time buyers help with they're mortgage deposits

[ooh-la-la]

What do you think this article is saying? that the people being offered the money will have to pay it back or they are being given the money by the councils for free?

http://uk.finance.yah...-tele-2565392078.html

[modeller]

Will they never learn ? 50 years ago in my area the average house cost about 5 times the average annual wage ( £500 × 5 = £2,500 )
Today it's about 10 times ( 20k × 10 = £200k ) because of the unrestricted lending , so first time buyers have little chance, and now it looks as though councils are about to repeat the madness.
House prices themselves need to fall to about 8 times, or less, the annual wage, to bring the market back into some balance .but as it is the media cheer when there is a house price rise and these councils are fueling even further rises .
50 years ago all morgages required a 10%+, deposit and had to be paid back within 25 years and before the age of 65. which stabilised prices . but then the building soc. started allowing 40+ year, and interest only morgages. The result was the boom and crash of the banking system.

[bednobs]

they have to pay it back

[ooh-la-la]

i know but hopefully the house prices will go back up if this works. But dam i thought it was saying that people are being given this money and won't have to pay it back. I've lost a debate with my mums boyfriend now :-(

[kinell]

lucy, your comment would be more appropriately posted in the education section........if you really are compelled so to do


ped·ant (pĕdˈnt)

noun
1.One who pays undue attention to book learning and formal rules.
2.One who exhibits one's learning or scholarship ostentatiously.