Own Home Scheme Pros and Cons

topstar

Hi all,

first of all I want to say how helpful this thread has been in answering the million questions that this scheme has thrown up. Thank you everyone for your advice.

Secondly, I just wanted to inform you that PfP told me this morning that funding in my area (Hertfordshire) has completely gone as of this Monday (24th). I am absolutely gutted, as I have found a property and was on the verge of ringing the Co-op bank to get mortgage confirmed. Thought I'd better save myself too much disappointment and make sure there was still funding in my area before progressing too far. Good job I did, but I'm so upset. If I had decided within a week on a property, maybe I would have been accepted.

Why don't they let you know that funding has run out? I could have got further down the line with my application, only to be told that there is no money. I applied in April, had my interview on 12th Aug, and was told that I should be in the position where I have a property in mind and ready to make an offer, EVEN THOUGH all their information says don't look for a house until you have had the eligibility interview. So I desperately went house hunting, only to find this out.

Has anyone else got this far to be told there is no funding? Thanx

Looks like I will just have to keep saving for deposit, although it will probably take me a good 3/4 years to save anywhere near a 15% deposit.

tek-monkey

Gutted for you, but I can understand it. They can't allocate funding until they know how much to allocate, and there is no point allocating money to people who can't get a mortgage anyway. Therefore the only fair way to do it, and to minimise funds being allocated unnecessarily, is to allocate them once the mortgage goes through. I agree it sucks though, I missed a festival to rush through some viewings and am so glad I did now as funding ran out a day after my mortgage went through.

On a side note I've apparently just received something from the surveyors (got brother opening my post). Says I need to send something off to get the report, this sound right? Any idea what steps happen after this?

ladybird3

Tek monkey that sounds correct

what happens is that although the valuation goes straight to the bank etc the homebuyers report has to be written up in full and a copy then comes to you, however before they send it out to you they ask you to sign their terms and conditions and send it back. After the surveyors recieve that they'll send you out the huge report for you to browse through at your leisure!

You might find some things in the homebuyers rerport that say they recommend you get quotes for before exchanging etc but this is entirely up to you. If the surveyors have said to the bank that the valuation is fine then the bank will proceed with your mortgage unless you ask otherwise. For example on my report there were a few things that needed doing such as they said I should have a fire door put on as a front door and also there was a potential leak in the kitchen, when I read this I was worried I would have to get this done before the co-op could lend me any money but they said that's not the case. As long as the surveyors are generally happy then any minor recommendations they suggest are up to you to sort out and do not affect your mortgage.

Obviously is there's major damp and subsidence then that's a different issue! But they would have let you know that by now!

I think after you get the survey then the co-op send you more stuff to sign as do the solicitors, to be honest I've lost track of it all iv signed that many bits of paper:rotfl:

tek-monkey

ladybird3 wrote: »

I think after you get the survey then the co-op send you more stuff to sign as do the solicitors, to be honest I've lost track of it all iv signed that many bits of paper:rotfl:

I know what you mean, I seem to get bits of paper every few days. I've got plastic wallets for each thing (solicitor/mortgage/house details etc.) and they all seem to be filling up!

rngeena

Hi,
i just have a general question to those who have completed. We have exchanged and due to complete on 28th. My lawyer has been totally rubish so i am wondering what do i need to do to make sure everything is fine. Do i call pfp and aske them if they have send the deposite money to my lawyer and do the same with the co op?. I simply dont want any suprises on the completion date.
Has anyoneone any advice as if i need to call anyone to make sure things happend. My lawyer said that she is expecting the money to be delivered tomorrow. So just crossing my fingers that everything goes well on 28th.

Gem2275

stampychan wrote: »

Hello! Yes, I am in London. Here is my timeline although it is fairly rough as I can't remember exact dates for everything - initially the whole thing was just done on the off-chance because my sister had mentioned OwnHome to me! I didn't expect they would actually offer it to me!

Thanks so much. You must be really excited - am most jealous!

I heard about it out of the blue as well but sounds like I might have been a few months too late. Have been waiting 20 weeks for my eligibility appointment now!

Out of interest, what is this p4p that people keep referring to?? Is it an agent? I just called the number on the ownhome website.

Cloister

Rngeena, So close now .

On my completion date I phoned the estate agent to see if they had received word that the funds were transferred and I could have the keys.

I was told by my solicitor to call the estate agent at about midday (which I thought was strange because I would have thought that my solicitor could have taken the time to phone me.)

but even though you have exchanged it's still nerve wracking on the day in case something goes wrong, unusual though that is.

Cloister

P4P is Places for People, this is the government funded part of the ownhome loan, did you read all the info on the ownhome site?

Places for people is a housing association here is their web site.

http://www.placesforpeople.co.uk/

rngeena

Thanks, i am still really nervious, but i did my part and called both ownhome and co op to confirm that there is not going to be any problem on the day of completion. They confirmed that funds will be transfere tommorow:T this puts my mind in ease now.

Cloister wrote: »

Rngeena, So close now .

On my completion date I phoned the estate agent to see if they had received word that the funds were transferred and I could have the keys.

I was told by my solicitor to call the estate agent at about midday (which I thought was strange because I would have thought that my solicitor could have taken the time to phone me.)

but even though you have exchanged it's still nerve wracking on the day in case something goes wrong, unusual though that is.

Miss_Brown

I received a letter dated 11 August saying that there was still funding available in my area (London) and to arrange an eligibility interview - the earliest they had was tomorrow.

It seems likely that by the time we speak tomorrow, the money might all be spoken for - is this right? I'm asking because we were right at the front of the queue for MyChoice HomeBuy and were told to start looking for a property, but then the funding was withdrawn. I really don't want to be disappointed again.