Own Home Scheme Pros and Cons

mary4kids

I am sorry to hear that all funding has been allocated for those of you who has been waiting to secure the funding. Maybe next year eh. As far as I know there will be more funding next year but with another housing association as I remember reading somewhere p4p lost the contract with government to do the ownhome.
Anyway can I ask to those who is further on the process... How long it took you from sending your final ownhome loan documents till you exchange? We were given time until 17.11.2009 to complete our purchase or we will lose our funding. Our vendors going away from 1st of september and wont be back until november. So I dont know if we definitly got this house yet.

Gem2275

I got the news that the funding has run out this morning as well. Although am so annoyed because apparently my letter 'must have got lost in the post'. Who knows where I'd be now if that hadn't happened...

Does anyone have a plan B I could borrow???

stampychan

Gem2275 wrote: »

I got the news that the funding has run out this morning as well. Although am so annoyed because apparently my letter 'must have got lost in the post'. Who knows where I'd be now if that hadn't happened...

Does anyone have a plan B I could borrow???

Hi - which letter are you talking about? If it's the confirmation of funds letter (i.e. the one they're supposed to send you when Co-op tell them you've had an offer accepted) you might still be in luck...? They didn't send mine out for ages but Co-op said because they had records that they'd sent the email I should be fine. Got proper confirmation this week.

Really sorry to all of you who haven't got funding, it's a horrible situation.

Gem2275

stampychan wrote: »

Hi - which letter are you talking about? If it's the confirmation of funds letter (i.e. the one they're supposed to send you when Co-op tell them you've had an offer accepted) you might still be in luck...? They didn't send mine out for ages but Co-op said because they had records that they'd sent the email I should be fine. Got proper confirmation this week.

Really sorry to all of you who haven't got funding, it's a horrible situation.

Unfortunately not, I meant the letter with the eligibility interview. Apparently they sent it last month but I never received it.

Congratulations to all of you that made it in time!

Gem2275

jj707070 wrote: »

I never received it too.

It's amazingly annoying isn't it? Did yours get 'lost in the post' too??

Does anyone know when / how we can apply for next year's funding?

shanqs1

Unfortunately, if you flip back few pages, you should notice that the party is over for good, the ownhome scheme has been discontinued. This was the last train to catch...

No idea when the government would come up with another amazing scheme like this?

Gem2275 wrote: »

It's amazingly annoying isn't it? Did yours get 'lost in the post' too??

Does anyone know when / how we can apply for next year's funding?

Gem2275

shanqs1 wrote: »

Unfortunately, if you flip back few pages, you should notice that the party is over for good, the ownhome scheme has been discontinued. This was the last train to catch...

No idea when the government would come up with another amazing scheme like this?

Oh no, you're kidding! If only I'd heard about it a few months earlier. I've no idea how else I'm ever going to be able to afford to buy

Thanks for letting me know!

mary4kids

Gem2275 wrote: »

Oh no, you're kidding! If only I'd heard about it a few months earlier. I've no idea how else I'm ever going to be able to afford to buy

Thanks for letting me know!

I dont think this scheme will close but might come back with differant name. I know for sure it wont be with p4p though.
http://www.publications.parliament.uk/pa/cm200809/cmhansrd/cm090323/text/90323w0013.htm

tek-monkey

mary4kids wrote: »

I dont think this scheme will close but might come back with differant name. I know for sure it wont be with p4p though.
http://www.publications.parliament.uk/pa/cm200809/cmhansrd/cm090323/text/90323w0013.htm

From that link:
Grant Shapps: To ask the Secretary of State for Communities and Local Government what the average monthly interest charged by First Time Buyers Initiative (a) funders and (b) providers has been since the scheme began. [265009]

Mr. Iain Wright: This information is not held centrally. However, there is no interest to pay on the loan for the first three years following purchase.


I thought it was 5 years?

nig0609

tek-monkey wrote: »

From that link:
Grant Shapps: To ask the Secretary of State for Communities and Local Government what the average monthly interest charged by First Time Buyers Initiative (a) funders and (b) providers has been since the scheme began. [265009]

Mr. Iain Wright: This information is not held centrally. However, there is no interest to pay on the loan for the first three years following purchase.


I thought it was 5 years?

no one really seems to know whats going on...., but then I dont fully understand the question that GS asked - its been a long day and im a bit stupid

the docs i signed state the <5 at 0%, 5<10 at 1.75%, >10 at 3.75%, so i'm happy