Own Home Scheme Pros and Cons

Ama

Presido wrote: »

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.

Thanks for this. I think you are very well informed about the ownhome scheme. I'm not going to ask you about where you got your information from. I just have a feeling that your source is credible and what you are saying is True and that is all that matters to me. Thanks again.:beer:

millieandbeau

Thanks for all your advice and the heads up on timescales, I'm exhausted already just fretting about it! Will let you all know how it goes

mandy_s_2

Yay I now have a case owner! Hopefully it won't be much longer before the survey is done. I dont think anything prepared me for how nerve wracking all of this is, I am so glad this forum exists as I would be lost without it! I am trying really hard not to get too excited just yet

mrbodly

Hi All

At what point was your Ownhome funding secure?

Funding in my area (East) ran out last Monday 24th August...Grrrr.

I had my eligibility interview on 5th August, was approved and given a ref no.
Viewed a property on the 6th, after some negotiating had offer accepted on the 10th, called Co-op same day to apply for mortgage, had my application referred.

Anyway after lots of hassle dealing with the co-op who have lost my faxed credit file not once, not twice, not thrice but four times I have been promised a decision this week.

The way I understood it, according to the Ownhome brochure - once you called the Co-op to confirm you'd found a suitable property they email ownhome confirming this and hence securing your funds.

I'm pretty sure I've missed the boat, thanks to the Co-op delaying things by well over a week due to not calling when they say they will, losing paperwork and not calling to ask for it to be re-sent.

This is a great scheme, just wish the Co-op hadn't been such a pain to deal with. Their incompetence was incredible!

tek-monkey

I think funding is only secured once the mortgage is agreed, hate to say it mate but you may have missed out

zoomy

mrbodly wrote: »

Hi All

At what point was your Ownhome funding secure?

Funding in my area (East) ran out last Monday 24th August...Grrrr.

I had my eligibility interview on 5th August, was approved and given a ref no.
Viewed a property on the 6th, after some negotiating had offer accepted on the 10th, called Co-op same day to apply for mortgage, had my application referred.

Anyway after lots of hassle dealing with the co-op who have lost my faxed credit file not once, not twice, not thrice but four times I have been promised a decision this week.

The way I understood it, according to the Ownhome brochure - once you called the Co-op to confirm you'd found a suitable property they email ownhome confirming this and hence securing your funds.

I'm pretty sure I've missed the boat, thanks to the Co-op delaying things by well over a week due to not calling when they say they will, losing paperwork and not calling to ask for it to be re-sent.

This is a great scheme, just wish the Co-op hadn't been such a pain to deal with. Their incompetence was incredible!

Doesn't sound good - It may not achieve anything but I would ring the Co-op and rant at them and ring P4P, give them your timeline and explain the problems you've had with the Co-op!

zoomy

sideslipmike wrote: »

Hey Millie,
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.

Optima are not my favourite people either! - when I ring with a query I feel like they can't get me off the phone fast enough. All you get told is they have "queries outstanding" but they get really shirty when you ask "What queries?"!

afropuff78

I wish I knew there was a deadline to get your mortagage application in by last week. I had my eligibilty interview on the 12th August and got accepted. Called Co-operative this morning about getting a mortage and was told that there is no more London funding. Absolutly gutted. P4P seems like the only decent scheme out there to get onto the housing market - oh well, I'll try again next time. Does anyone know when funding will be next available? April?

tek-monkey

Looks like funding next year will be new build only

ladybird3

Seems that everyone has had very different experiences with the co-op and their solicitors!

I have to say that from my point of view both the co-op and optima legal have been absolutely great. The only delay was them getting the final paperwork out before the cooling off period began-4 weeks which i understand has been the same for everyone recently, but other than that there have been no hold ups or lost paperwork.
Optima have also been good as far as im concerned, have always been helpful on the phone and i've also set up a good line of communication via email with my particular solicitor who always replies promptly, they have also sent things out on time and everything has been correct etc

Sorry to hear that other people have been having bad experiences and really bad luck for those who have missed the funding boat

Optima should today or tommorow have my deposit cleared into their accounts and will have now got the final final FINAL bits of signed things

Just waiting to exchange. . . . :j