Own Home Scheme Pros and Cons

anitaw0lf

Hi! We are looking at applying for this scheme but won't be eligible for a mortgage until September. Can anyone give me an indication of how long a wait time is currently? And whether we should apply now with the plan to apply for mortgage in september?

All and any advice welcome...

talliedebtbuster

Hello all, ive been reading the threads very good info thank you!
Ive today applied over the tel for the ownhome scheme. They said it will be an 8-10 week wait for a phone call for eligatbility! But the flat i want launches in 2 weeks! I just have to hope they sell slowly!!

talliedebtbuster

Hello all, ive been reading the threads very good info thank you!
Ive today applied over the tel for the ownhome scheme. They said it will be an 8-10 week wait for a phone call for eligatbility! But the flat i want launches in 2 weeks! I just have to hope they sell slowly!!

ladybird3

Hey everyone, really interesting reading thoughts on this scheme. for anyone who has been told a specific waiting time i would take that with a pinch of salt. . . . i went on the waiting list 12 weeks ago now having been told it would be a 6-8 week wait until I got my letter through, despite about a million phone calls to ownhome all i keep getting told is that i just have to wait and they dont have anymore information :mad:
so frustrating!!! does anyone else have any experiences of how long they had to wait and how long things then take from getting the letter? do they do the eligibility interview over the phone or in person? Also does anyone know what decides the % ownhome give you? I know the max they give is 40% and as I live and work in central london at the moment im hoping I'll be able to get the full 40%. . . . we'll see!

Waldo

We only waited around 6 months to be accepted on the OwnHome scheme before getting the green light found a property had an offer accepted. Currently having the Co-Op mortgage processed and should complete in 2 months. Few things worth knowing:-

1)[FONT=&quot] [/FONT]You are only tied to Co-Op for your first term after that, your free to find other mortgage providers, although choice may be limited as you will have to declare the equity loan as a secondary loan.
2)[FONT=&quot] [/FONT]Once the Co-Op decided how much of a mortgage you can afford that is the minimum you have to borrow.
3)[FONT=&quot] [/FONT]This minimum plus any deposit you put down can not be more than 80% of the value of the property or less than 60% of the property value. In our case it was a narrow band to work within and ended up putting less deposit down to squeeze in to this bracket.
4)[FONT=&quot] [/FONT]The deposit you put down comes off the total mortgage and does not get added to the equity loan to make a higher deposit. i.e. your deposit that goes towards your Co-Op mortgage will be made up entirely of money from OwnHome min 20% max 60%
5)[FONT=&quot] [/FONT]This is referred to as a tailored product where rates are high i.e. 6% until you borrow at least 25% so government investment in your home is longer term thing therefore more lightly to provide a higher return as house prices eventually rise.

Other than that I think it’s a cracking scheme where else will would I find someone willing to give me a loan for the first 10 years which evens out at 0.875%APR…….hope this info was helpful.

Regards,

W

jmerle

Wow! 6 months! Really? We applied a month ago and were told that it would be 8 weeks until we got our letter to book an appointment. 6 months seems a really long time! Does anyone else have any advances on 6 months?:rotfl:

Ghitza

Hello

I have applied too for an ownhome interview date. Please could tell me anyone who went through it if I need a proof of available £4000 money as admin expenses.

Cheers
G>N

Giraffeseeker

Re: Timescales - I called in March and had my telephone interview on 2nd April and was accepted. I had an offer accepted on a house about a week later and applied for the co-op mortgage. This has now been approved and the survey was being carried out this morning. So 6 weeks so far, although a couple of weeks were me having to prove various bits of extra income to get the mortgage approval. Hope to complete mid-July (funding secured until July 22nd). Have found Co-op and Ownhome to be very helpful and efficient so far.

My colleague called up last week and was told he would get a call back in 10 weeks with an interview date, so I guess they've got busier in the past couple of months.

barleysugar_2

Hi i currently own a home which we are trying to sell but have moved away from the area and are renting, (very expensive). The house is on the market but we haven't sold yet. I have now got my appointment letter with Own home and i don't know what to do, we were hoping to have sold the house by now, this would then have payed off my debts and given me the £4000 fee money. Would we be able to go forward even though i haven't sold my house?

Dont think i am in a good position, as i am not, i wouldn't be able to purchase a new house without own home.

Does any one know if you could go ahead based on the fact i am still waiting for my house to sell. If i knew i could get the own home loan i would greatly reduce the price just to get rid of it.

Giraffeseeker

barleysugar wrote: »

Hi i currently own a home which we are trying to sell but have moved away from the area and are renting, (very expensive). The house is on the market but we haven't sold yet. I have now got my appointment letter with Own home and i don't know what to do, we were hoping to have sold the house by now, this would then have payed off my debts and given me the £4000 fee money. Would we be able to go forward even though i haven't sold my house?

Dont think i am in a good position, as i am not, i wouldn't be able to purchase a new house without own home.

Does any one know if you could go ahead based on the fact i am still waiting for my house to sell. If i knew i could get the own home loan i would greatly reduce the price just to get rid of it.

You cannot apply if you are currently a home owner, sorry.