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lift open market shared equity scheme
weesie81
Posts: 214 Forumite
i have had my mortgage promise from halifax for this and sent off my application with 2 other quotes to link homes and i am now on the 12 week wait that they are saying it will take for the application process.
by my reckoning i should know either way by 9th november
just wondered if anyone else on here was applying or had approval for the scheme? we could wait it out together
by my reckoning i should know either way by 9th november
just wondered if anyone else on here was applying or had approval for the scheme? we could wait it out together
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Comments
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anybody? 0
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hey there
we just received our letter this minute to say we are accepted
Its a long wait but worth it!
Lee0 -
thats fabulous news :T happy house hunting!
could you tell me roughly how long you waited? and if you had any complications?0 -
Hey
Well it was only a 7 week wait for us even though they sent us a letter informing us everyone in Scotland had to wait 12 weeks. Apparently a lot of people in our area have been receiving their letters the last couple of weeks according to estate agents...which means we will all be scrambling for the same houses :rolleyes:
There was no complications....They did request our tax credits award notice even though I'd already sent it along with everything else when I sent the application but I just sent it again. I'm sure you'll get a positive outcome
Lee0 -
well that is excellent news you have really cheered me up today that it might not take quite as long
we are looking in east renfrewshire, what area are you looking to buy in?
fingers crossed you find something before anyone else does :T0 -
just bumping up0
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Hey
Its Dumfriesshire we are looking in. It's already becoming a stress because we have seen a house we really like but it was the first one we've seen so don't want to go rushing into it but because of the knowing everyone else is getting their passports we're scared it'll go too fast. Oh I also have to say as a previous poster has said on here that the passport letter is a bit confusing to begin with!0 -
oh i so hope i get a passport letter
its a big decision, i agree about rushing in although i see the point you will be looking at same price properties as other people i imagine.
so does passport letter not give you exact amount you can actually offer on a property?0 -
The letter makes several references to supporting documents and past issued documents you got with the application as to the maximum prices you can pay and how many rooms they have.
Under the heading "Price and size of property" the letter explains the terms and the restrictions and refers you to the enclosed documents and the website.
Then it goes on, and this is exactly as it states on my letter.LIFT_Letter wrote:In your case, the price of the home that you can look for must be between £65,484.00 and £96,000.00. A minimum price of £65,484.00 has been set as - based on your expected financial contribution - this would mean that you would be taking an 80 per cent equity stake...it continues
This part indicates that you must purchase a home priced between those values however this is actually the price your stake will be. For example in Edinburgh the maximum stake I can take in a 2 bed property is 80% of £120k - this is £96,000. You are however told before this part of the letter what your minimum contribution is. In my case it's £81k. So I think regardless of the size/cost of property I have to put in £81k.0 -
I am waiting on the application pack being sent out and am wondering what sort of stuff I will have to send of.
Also, do I need to have a mortgage in place before I'm approved or does that come later?
I am so confused and bamboozled by it all and I haven't even filled out the application yet.
Congratulations to everyone who has been accepted. I hope you find the place of your dreams.0
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