My response to Zac Goldsmith’s visit to Colindale

“  The Conservatives’ idea of ‘affordable’ housing is a million miles away from the reality facing Barnet residents in housing need .  So-called’ Help to Buy’ won’t come anywhere near helping meet the needs of Barnet residents who want to own their own home. The new scheme is not even limited to first-time buyers, who are forced to compete with existing home-owners with spare cash.

“You would  need to earn double the average Barnet household income to qualify for the mortgage on a 2 bedroom flat at £420,000, the cheapest currently available on this development under Help to Buy – and according to their sales website, there are only two flats available at this price anyway.

“You need savings of at least £32,000 for the upfront payments, (whilst also paying for your existing housing costs until the development is completed)  a deposit of £21,000,  an arrangement fee of around £1,000, and stamp duty at £11,000.

“If you can put down the minimum deposit of £21,000 you would  take on debts of £399,000. The mortgage element is £231,000 or about £1,300 a month, and most lenders want to see annual earnings of around £70,000 to lend that amount, way beyond most Barnet residents seeking their own home.  The Government short term loan element is £168,000,   but  after the first five years the interest charges on that will be an additional  £250 a month, all assuming interest rates don’t go up .

“It is clear that multi- millionaire  Conservatives like Mr Goldsmith  can have no idea  of the financial pressures on ordinary Barnet families , for whom the prospect of buying a home with or without this  scheme remains an unattainable dream”.

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