Cash and Courage – Playing the Property Game

Monopoly Picture

‘It’s only a game!’ I cried indignantly to my sister who had lost yet another game of monopoly. We all know the rules of the game don’t we? The die chooses our fate as to whether we have to pay a fine or buy a property. The more properties we get the more likely we are to win the game. Doesn’t this sound a bit too familiar?

The property market can be a cruel place. In order to purchase a property you have to have a deposit and be prepared to take a risk. Without both cash and courage it is unlikely you will ever become a home owner.

Well the government, not unlike the Banker in Monopoly has decided to help with what George Osborne calls the ‘aspiring nation’ and offer proposed buyers some light relief.

From 1 January 2014 you will be able to buy a property worth £600,000 or below with only a 5% deposit.

Of course conditions will be imposed, some of which are:

  • Not to be a shared ownership (you and a housing association)
  • Not to be a shared equity purchase (you, government, mortgagee)
  • Not to be used in conjunction with any other publicly funded mortgage scheme

If this sounds like you’re onto a winner wait until the information is published and like my sister should have done, read the games rules before you cast the dice.

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