Own Home Scheme Pros and Cons

stresshead70

Hi guys
I too have been following this thread for a while now, basically we first contacted own home in Jan, so its been a long and stressful process, so I have found this thread useful for helping me keep perspective.

Anyway we are now starting to see some light at the end of the tunnel and I was wondering if any of you who have already exchanged or completed could clear somethiing up for me. PFP rang my OH today, so we are expecting something in the post tomorrow :T. Anyway the woman he spoke to told him that we have a 7 day cooling off period which starts tomorrow, following which we will be sent a credit agreement and will have a further 6 days cooling off period. Then we exchange. So my question is why the 2 lots of cooling off periods? is this what happened with you? or has he got the wrong end of the stick
BTW for anyone still waiting to hear from PFP, we think our documents were recieved by PFP on the 24th Jul

nig0609

calmspirit wrote: »

I am not a happy bunny!

Due to delays with selling my house.........I now find out that no more funding in Kent .....

50k deposit and no chance of buying now!.............gutted!

um, this scheme is for first time buyers....

Steven.Morris7

stresshead70 wrote: »

Hi guys
I too have been following this thread for a while now, basically we first contacted own home in Jan, so its been a long and stressful process, so I have found this thread useful for helping me keep perspective.

Anyway we are now starting to see some light at the end of the tunnel and I was wondering if any of you who have already exchanged or completed could clear somethiing up for me. PFP rang my OH today, so we are expecting something in the post tomorrow :T. Anyway the woman he spoke to told him that we have a 7 day cooling off period which starts tomorrow, following which we will be sent a credit agreement and will have a further 6 days cooling off period. Then we exchange. So my question is why the 2 lots of cooling off periods? is this what happened with you? or has he got the wrong end of the stick
BTW for anyone still waiting to hear from PFP, we think our documents were recieved by PFP on the 24th Jul

pfp recieved ours on the 24th too, but no phone call!!! :-(

ozzyozzy

Hi Guys, I had my interview with OH today, and I was wondering if you guys can clarify a point. They have set the maximum value of a property I can purchase at £225k - this is apparently tied to the actual area i live in. Even though i told them that I wanted to move out from this area - she told me there is no way they will agree to any home value above this £225k figure - which i was very surprised at ! It might sound a lot BUT in London it does not buy you much. She also said I could NOT buy anything more expensive EVEN if I funded the difference myself - this again i did not expect.

Basically I am not allowed to buy above this value (£225k) which is set in stone by Ownhome. My question is : DOES ANYONE KNOW IF THIS IS CORRECT ? I.E. ARE YOU ARE TIED INTO THE VALUE OF YOUR PURCHASE ON THE BASIS OF WHERE YOU LIVE ? I always thought that the value depended on where you wanted to live and the average property value in THAT area.

PS She also asked if i was a keyworker - which I am not. Not sure if Keyworkers can buy where they want at the average value in that area?

Clarification would be appreciated.........thanks Ozzy.

calmspirit

nig0609 wrote: »

um, this scheme is for first time buyers....

I was accepted onto the scheme and was just waiting to find a house to buy .....the scheme has other criteria NOT just first time buyers......honestly!

and before you ask....large deposit is acceptable too....esp if you are unable to get a higher mortgage due to low income ...... the scheme would have worked in my case and I was accepted...if only my buyers had not dragged their feet.

vikx_2

Thanks very much, really helpful, good luck with yours.

stresshead70

Steven.Morris7 wrote: »

pfp recieved ours on the 24th too, but no phone call!!! :-(

Maybe its your turn for a call tomorrow then Stephen

calmspirit

wishing you all best of luck with your purchases........stressful time under normal circumstances.......stay strong though everyone!

hugs

Presido

Some questions are better answered if you are not economical with details. One thing though every applicant is uniquely assessed with some set of guided rules. There are grey areas in the application of some of these rules and dependent to a large extent as to how you presented your case to the adviser.

For example: If you live and work in Chelsea and your take home is less than £2000 per month you may be allowed to look at other areas. If you live in Harlesden, Work in Southall and wants a place to live in Chelsea you MUST present solid reasons otherwise you may be given such type unusual response for trying to upset the adviser.:D

ozzyozzy wrote: »

Hi Guys, I had my interview with OH today, and I was wondering if you guys can clarify a point. They have set the maximum value of a property I can purchase at £225k - this is apparently tied to the actual area i live in. Even though i told them that I wanted to move out from this area - she told me there is no way they will agree to any home value above this £225k figure - which i was very surprised at ! It might sound a lot BUT in London it does not buy you much. She also said I could NOT buy anything more expensive EVEN if I funded the difference myself - this again i did not expect.

Basically I am not allowed to buy above this value (£225k) which is set in stone by Ownhome. My question is : DOES ANYONE KNOW IF THIS IS CORRECT ? I.E. ARE YOU ARE TIED INTO THE VALUE OF YOUR PURCHASE ON THE BASIS OF WHERE YOU LIVE ? I always thought that the value depended on where you wanted to live and the average property value in THAT area.

PS She also asked if i was a keyworker - which I am not. Not sure if Keyworkers can buy where they want at the average value in that area?

Clarification would be appreciated.........thanks Ozzy.

rngeena

yes this is absolutely correct and you are tied in to the value of property in the area that you currently living. I was also told the same thing though i wanted to buy in another areas. For me the maximum i could go for was 241000.

ozzyozzy wrote: »

Hi Guys, I had my interview with OH today, and I was wondering if you guys can clarify a point. They have set the maximum value of a property I can purchase at £225k - this is apparently tied to the actual area i live in. Even though i told them that I wanted to move out from this area - she told me there is no way they will agree to any home value above this £225k figure - which i was very surprised at ! It might sound a lot BUT in London it does not buy you much. She also said I could NOT buy anything more expensive EVEN if I funded the difference myself - this again i did not expect.

Basically I am not allowed to buy above this value (£225k) which is set in stone by Ownhome. My question is : DOES ANYONE KNOW IF THIS IS CORRECT ? I.E. ARE YOU ARE TIED INTO THE VALUE OF YOUR PURCHASE ON THE BASIS OF WHERE YOU LIVE ? I always thought that the value depended on where you wanted to live and the average property value in THAT area.

PS She also asked if i was a keyworker - which I am not. Not sure if Keyworkers can buy where they want at the average value in that area?

Clarification would be appreciated.........thanks Ozzy.