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Own Home Scheme Pros and Cons
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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?
The first time buyers initiative is different to the ownhome scheme hence the different interest situation
Think this was the bit mary4kids was referring to...Grant Shapps: To ask the Secretary of State for Communities and Local Government how much (a) the Government and (b) its partners have provided for the OwnHome scheme; and how much will be provided in each of the next three years. [265018]
Mr. Iain Wright: The Government have provided £33.8 million for OwnHome in 2008-09. This was augmented with funding from Places for People. Over the three years 2008-11, we are investing over £8 billion in affordable housing through the Homes and Communities Agency (HCA). We have not allocated specific funds for OwnHome for each of the next two years to allow full flexibility within the Affordable Housing Programme operated by the HCA. Future levels of funds beyond 2010-11 will be dependent upon the next spending review.0 -
Can't quite believe this.
Had our caseworker from the co-op ring today (first time I've spoken to her) and has told me that she wants to see 3 months bank statements which isn't a problem and that we have now been referred to the underwriters.
This is due to, applying for a co-op bog standard bank account for the mortgage payments to come out of being refused. We had notification of this yesterday letter dated 19th August, still can't work out why, when our mortgage application went straight through.
But to top it all today we've had in the post "Welcome to your Co-op Current Account" all the details and telling us our account number and card will be with us shortly, letter dated 21st August.
We've had delays with all of our mortgage stuff because of the post strike and now another delay arghhhh still haven't had our valuation done, one of our vendors asks was for a quick completion, how blooming annoying!!!!
Want to say congratulations to all of those who have completed and in their new homes and those who are so close :-)0 -
I live in London and I called p4p yesterday (27/8/09) to find out about the situation with the funding. I was informed I had to get my mortgage sorted by 5pm today ie 28/8/09 in order to secure the ownhome funding. I did just that first thing this morning.
My mortgage application was approved by 10am this morning. I was advised by the gentleman from the co-op to call p4p at 10:30 to find out whether they have received his email. The rep from p4p said they were dealing with yesterday's emails so I shoud call back on Tuesday and he couldn't confirm whether they had receievd it. He did however, say that so long as the email was sent today, it should be ok.
It is torturous having to wait 4days to find out whether the funding is secured or not. I'm keeping everything crossed!!Debts at :idea: moment £31,500
[STRIKE]Debts as @ 28 June 2009 £15,654[/STRIKE] [STRIKE]Debts as @ 25 July 09 £7,264 [/STRIKE]:j[STRIKE]Debts as at 8 Sept 09 £6,590 [/STRIKE]:T Debts as @ 10 October 09 £5,976:j:j
Official Debt Free Wannabee- Nerd Club Member Number 742..........Longhaul supporters club member-Number 72
Proud to be dealing with my debts! Love this forum :grouphug:0 -
aaaawwwww so sorry for all those that wont have the funding for this absolutely brilliant scheme....I realy feel for you all....
all the best to the ones currently going through the process of getting their houses....
its stressfull and be prepared for the sleepless nights it realy does overtake your whole life.....Im in my new house now but will still pop in here to see how all you folks are getting on....I could write a book on my journey even though slightly different to most on here as mine wasnt this scheme but I realy feel Iv been part of this journey you all are on and with you all every step of the way....take care everyone xxxxxxx Im sending you all happy vibes and the best of luck !!!!!!!!!!!!!!:hello:Time2start a new year diet for a new me:j0 -
Ama,
You do not need to be worried on this excellent scheme. Though the funding is officially off, I can tell you with some level of confidence that your funding will be secured as PfP has exigency funds to cover special cases like yours on the OwnHome. So enjoy your weekend.I live in London and I called p4p yesterday (27/8/09) to find out about the situation with the funding. I was informed I had to get my mortgage sorted by 5pm today ie 28/8/09 in order to secure the ownhome funding. I did just that first thing this morning.
My mortgage application was approved by 10am this morning. I was advised by the gentleman from the co-op to call p4p at 10:30 to find out whether they have received his email. The rep from p4p said they were dealing with yesterday's emails so I shoud call back on Tuesday and he couldn't confirm whether they had receievd it. He did however, say that so long as the email was sent today, it should be ok.
It is torturous having to wait 4days to find out whether the funding is secured or not. I'm keeping everything crossed!!0 -
Presido, do you work for places for people?0
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Hello
i wonder if any of you who have now completed could let me know a couple of things??
I have just received the nod today to arrange for the valuation to be paid for, how long between paying for this and it happening did you have to wait to hear bac.
Also what happens next?? My brain is overloading and im in a confused pickle! Ha!
Also how long did you wait between this point and exchange and then completion??
I would love to be moved in by end of sep, to avoid another months rent, but it all seems never ending! and im impatient!;)
Questions, question!
Many thanks
millieandbeau0 -
Millieandbeau,
Congrats on getting your funding! first of all I can absolutely promise you that you wont be moving by the end of september-this whole process takes a massive amount of time.
I had an offer accepted in June and the valuation/survey was done end of that month. Neither myself nor the vendor are in a chain and so far everything has happened as quickly as it could have done, there have been no 'hitches' to date. the biggest wait was the 4 week wait for places for people to ok your mortgage after the final offer has come through from the co-op-you'll find many references to this throuhout this thread!
I have yet to exchange but should be doing so next week. due to the vendors request there is a big gap between exchange and completion so I wont be moving until october, however in normal circumstances it only has to be a few days (6 is the min for P4P at present)
Without the big gap between exchange and completion it's going to work out at about 14 weeks in my case.
Just be warned that it all takes so long, there is so much buerocracy and literally everything (apart from the co-op contacting P4P to get them to allocate your funding) is done by post.
If you contact the surveyors next week chances are they'll do the survey the week after, then it's a week to get the homebuyers report etc etc etc,
If I was a betting lady I'd say you'll be completing around december time if everything goes to plan
Good luck and keep us updated!0 -
Hi Millie,
sorry to be bearer of bad news...but i think it would be almost impossible for you to complete by end of September if you have just arranged the valuation now.
My valuation was completed about 2 weeks ago and i reckon my completion date is look like mid-October at the earliest.
Once you had paid for the valuation, the surveyors should call the estate agent to arrange day and time...they made this call on the same day and the valuation was done within a few days. Then can take up to 2 weeks for co-op to get the final offer to you and P4P. Once the offer reaches P4P it takes another 4 weeks for them to send you the final loan offer. Then its another 7 days cooling off period before you can exchange. P4P then need 10 days between exchange and completion to transfer the funds. That's the current timescale...but this could all change!! hope that helps!0 -
Hey Millie,
I have to agree with Ladybird there, we booked are valuation/survey after are MIP and after a week they we`re round doing it, then it took a few more days before you recieved a copy, you also need to sign a consent form saying your happy for the surveyors to release the lnformation, after that its all a waiting game. It took 10 working days for them to process my final stages of the mortgage and i only had it done that quickly because i kept ringing them and complaining so be prepared, now i`m past that stage, Co-Op have emailed P4P to let them know the mortgage is in place, unfortunatly i was informed by P4P it can take up to 4-5 weeks before they will process and release the funds for exchanging, as they are currently dealing with Julys applicants, so again get ready for more waiting im afraid. I believe they said once they reach your application an advance document will be sent to your solicitor stating whats next? And they should be aware of this.
I was suppose to have exchanged contracts on Friday, but our solicitors have contacted the vendors solicitors stating we wil not be ready to exchange until 4-5 weeks, so waiting to hear back from them now to see if they are happy with this???hopefully so as we are not part of a chain, FTB and the mortgage is in place its just that waiting game again aaggghh.
Also a word of warning i took Co-Ops advice and took on Optima Legal Solicitors to deal with this and in my expierence they have been useless, i have ended up chasing people myself and doing half the work for them, as well as that they never seem to inform me of anything that has been happening until i have rang them so if you are using them keep on top of them, however thats just my expierence so far.
And on final note try and ignore everthing your EA says as ours as being telling us for the last few weeks we`re going to lose the home because of the scheme and its lenghly time scale:mad:, fingers crossed we prove him wrong as even P4P have told us they here this on a daily basis and not to panic??hope not!!
Good luck with your application process Mille and i shall keep people updated on our process as we are in the final stages, just the nail biting momments and are they happy to wait???:huh:0
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