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To people who have used OwnHome...
1) They lend you "up to" 40% of the valuation. Is it hard to get the full 40%? If they could only offer us 20%, this probably wouldn't be enough unless some miracle property appeared.
2) They let you know after applying if funds are available in your area. This worries me a lot as we live and work in Brighton - which is massively popular with people moving from London etc. I don't know if funds are available or if they are really tight etc.
We are intending to buy early next year when prices are low and our rental contract comes to an end. Any experience or advice would be gratefully received.
Thanks
Comments
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I'm just waiting for my telephone call back which is in September so I can't really answer much! From what I understand though the process speeds up a bit after this initial wait. I'd also be intrigued to know how they decide what percentage to lend you, and how the funding in your area works - I'm in Somerset so no idea how much funding would be down this way! I was also wondering whether they give you a time limit to find somewhere. I guess I'll find out when they call. If you have any burning questions though you could always give them a call - I'm sure they would be able to answer any questions before you have a consultation.
SJ x0 -
Haha I don't think they'd be able to get off the phone for hours - I have so many questions! Good luck with your application, you'll have to keep me posted _party_0
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bump!
anyone who's done ownhome?0 -
Hi There,
After the phone interview, the only confirmation you will have from OwnHome is that you are eligible for the scheme. After receiving the letter you need to apply for an agreement in principle from The Co-op Bank and the bank deals with organising funds from the scheme. There is no time limit to find a house (as oposite to another scheme) but an offer from the bank is valid for 3 months. Noone will tell if the funds are available. I called them and asked what if I offered on property, organised my mortgage and the scheme doesnt have any money. They said I shouldn't worry.
They ask you where you want to buy and give you avaregae asking price in the area for the house you are looking for and you cannot spend more than that. They will top up your morthage but no more than 40% and no less than 20%.
Hope it helps0 -
Hi
thank you, it's good to know that they don't put a time limit on the search.
Cheers 0 -
Hiya
I'm about to exchange next week and have used Ownhome / Places For People for loan of 40%. I have to say they've been wonderful. If I recall correctly, they confirm funds at the time that you have a confirmed mortgage in principle - The Co-op confer with them for the most part (although I did telephone them several times throughout the mortgage application stage for my own peace of mind). There was no quibble whatsoever with my OH application. Just make sure you allow plenty of time between offer stage and completion as there are mandatory waits for 'cooling off' and time to allow transfer of funds prior to completion.
The Co-op, on the other hand, weren't quite so easy! As with almost all lenders in the current climate, their mortgage offer was less than the figure I was initially told I could apply for (even though I have a huge deposit). Their affordability checks are quite strict and they will not take into consideration all of your CTC/WTC, as some lenders do, nor Child Maintenance unless paid through a court order. They'll want to see every proof of income and expenditure imaginable as well as credit reports and the like - I thought I'd have to 'Parcelforce' my application!
But all in all, my experience has been a very positive one.
Good luck with whatever you go for!0 -
hi I've got a telephone interview booked but I was just wondering what questions they ask you. Does anyone know?
Thanks0
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