Own Home Scheme Pros and Cons

londonIrish_5

great news vikx! i should be receiving my final mortgage offer any day now and then the 4 weeks waiting starts! its good news to hear that things may be quickening up a bit!!

i called P4P today as i was a bit worried that with all this waiting - the 3 months that my funding is secure would run out and the funds would be reallocated. got through to very helpful guy in P4P who said this would definitely not be the case....he said the 4 weeks waiting time is not normal for P4P - and secure funds would not be reallocated because the current delay is basically their fault. he also said their working on hurrying the process up...so fingers crossed!!

Steven.Morris7

londonIrish wrote: »

great news vikx! i should be receiving my final mortgage offer any day now and then the 4 weeks waiting starts! its good news to hear that things may be quickening up a bit!!

i called P4P today as i was a bit worried that with all this waiting - the 3 months that my funding is secure would run out and the funds would be reallocated. got through to very helpful guy in P4P who said this would definitely not be the case....he said the 4 weeks waiting time is not normal for P4P - and secure funds would not be reallocated because the current delay is basically their fault. he also said their working on hurrying the process up...so fingers crossed!!

Hi! In regards to the 3 months... When you get your Final offer from P4P after the 4 weeks... Its actually changed to be reserved for 3 months from then.

We got our Final offer last friday and its safe until November!! NOW i definitely hope i move before then!! I'm hoping more 3 weeks rather than 3 months!!! :beer:

Miss_Brown

Gem2275 wrote: »

Would you mind me asking when you made your initial call? Mine was on 10 April and I've still not heard from them and am slightly paranoid that I've been lost somewhere along the line.

Thanks and good luck!

I made the inital call around the same time, just as we realised the MyChoice HomeBuy plan had fallen through. That's the very first call, btw - not the one that we made after receiving the letter to say there is still funding available.

Fingers and toes crossed for some good news!

londonIrish_5

Steven.Morris7 wrote: »

Hi! In regards to the 3 months... When you get your Final offer from P4P after the 4 weeks... Its actually changed to be reserved for 3 months from then.

We got our Final offer last friday and its safe until November!! NOW i definitely hope i move before then!! I'm hoping more 3 weeks rather than 3 months!!! :beer:

that's great Steven....thanks for letting me know this!! just out of interest...was it the full 4 weeks before you got your final loan offer?

Steven.Morris7

londonIrish wrote: »

that's great Steven....thanks for letting me know this!! just out of interest...was it the full 4 weeks before you got your final loan offer?

I had to wait 3 weeks 6 days.... Lol

mary4kids

rngeena wrote: »

mine also send the paper to pfp. Just make sure to call pfp in couple of days and enquire if they have recived it and also remind your lawyer to send it back to them.

Thanks, I will. Good luck for friday.

Miss_26

Finally had the apartment I am looking to buy valued on Friday. Co-op are taking especially long! Came back Tuesday, didnt call me until yesterday! Told that apartment is in perfect condition, value I have offered is perfectly fine however the roof covering is a "shallow pitch" covering and this is not the norm, so they have had to refer it to the underwriters to make sure this is ok. Funny though seeing as 90% of the apartments are occupied and this type of roofing is under the building regulations. If they say no its pretty much over for me. Im absolutely devestated, I have fought tooth and nail for this, originally having offer declined due to linked address on credit report that had nothing to do with me. Funding ran out the day mine was allocated. Ive put £500 down as a holding fee which is non refundable and £275 for the valuers report. What can I do??

Presido

Every good thing does come to an end unfortunately. I advised on 10 August 2009 some took notice others never did.

http://forums.moneysavingexpert.com/showthread.html?t=1093305&page=44

The scheme is now officially off. Any body looking for funding is wasting his or her time. Sad but true!

Presido wrote: »

This very popular OWNHOMN scheme in which the Government must have be advised to stop because it was really helpful to those who honestly cannot purchase a property, without some sort of help, is now in its final laps. I heard from an authoritative source that they have less than £10m to be allocated. Since the advisers treat 25 cases every day and assuming every successful applicant gets 100k each then the funds will dry up before the end of August in LONDON.


To those who have secured funding in this scheme I say congratulations.


To those who are waiting to be allocated funding I wish you good luck.


To those expecting a letter for interview I am of the opinion with 90 percent confidence level, considering the processing time, that funding will not be allocated. In the event you do receive your letter then you must act very quickly and run faster than Usain Bolt to have any chance of beating the cut-off date.

Miss_Brown

I had my eligibility interview booked for this morning, which began "I'm sorry but we have some bad news...".

Apparently all funding has been allocated now across the country.

All the best to those of you who have secured funding, and bad luck to those - like me - who haven't.

nig0609

Just got off the phone to P4P, they advised that the time between exchange and completion has now been reduced from 10 working days (2 weeks) to 6 working days. Great!! Hopefully exchanging next week

My solicitor will be confirming this, and i think its best you get you solicitor to check this as well before making arrangements for exchange/completion.