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Own Home Scheme Pros and Cons
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Booked my drain survey, so things are moving along a bit better now. Just had a text off the vendor to confirm he's arranged a time for tuesday morning, so now we see what happens!0
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The Co-Op recieved my Valuation on the 27th of August, it will be 3 weeks on Thursday that they've had it.
I understand they have been inundated with mortgage application because of their "great" products. When i called this week I was told that they have not recieved an update from the underwriters on how far behind schedule they are. Last week i was told they were 10 days behind.
Does anyone have any insight into current timescales? Did anyone manage to speak to an underwriter directly?0 -
I couldn't get my mortgage person on the phone yesterday, just a team of people fielding calls. Bit of a pain TBH, I just want this sorted!0
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tek-monkey wrote: »Booked my drain survey, so things are moving along a bit better now. Just had a text off the vendor to confirm he's arranged a time for tuesday morning, so now we see what happens!
Good Luck! Hopefully there's nothing too serious to hold up your application!0 -
Cheers! Its all out of my hands now anyway, this is the last lot of costs I'll incur I think. After this its either full steam ahead, or back out should there be too many issues. Luckily my solicitor says they can get indemnity insurance for any building issues, its just the drain buildover agreement they need to get sorted. Plus anything that might turn up with the drain survey!
I'm approx £1500 down so far, if I include the full solicitors fees. Any more isn't really worth contemplating, if the house has issues I'd need them fixing before I buy or not at all. I'll have wiped out my buffer once moving costs etc. are considered so even if they reduce the price I can't afford to get the work done - it just reduces my mortgage rather than give me money to do the work.
We'll see eh, think positive. I managed to get a fully working dishwasher off the car boot for £3 last week so its not all bad0 -
hertsman2009 wrote: »The Co-Op recieved my Valuation on the 27th of August, it will be 3 weeks on Thursday that they've had it.
I understand they have been inundated with mortgage application because of their "great" products. When i called this week I was told that they have not recieved an update from the underwriters on how far behind schedule they are. Last week i was told they were 10 days behind.
Does anyone have any insight into current timescales? Did anyone manage to speak to an underwriter directly?
I didn't speak to an underwriter directly, but my mortgage dude himself was really helpful. Mortgage offer was sent out exactly a week after the guy told me it had been sent to the underwriters. I had to jump two hoops: pay off my credit card (ridiculous as I clear the balance every month anyway!) and promise to do a damp and timber report.
Offer was sent out on the 10th, and p4p confirmed they got an email on the 10th, so I am now on the P4P wait.
Hope this helps!0 -
tek-monkey wrote: »I couldn't get my mortgage person on the phone yesterday, just a team of people fielding calls. Bit of a pain TBH, I just want this sorted!
You should be able to email them directly on [EMAIL="name.surname@cfs.coop"]name.surname@cfs.coop[/EMAIL]0 -
Hi,
My partner and I registered for the Own Home scheme (the one where you buy on the open market, run by the Co-Op). We registered, which means we just called up and put our name and address on the waiting list. We did this in March 2009. We have not heard a single thing back from them and have called them loads over the past months. All we kept getting told was that we would receive a letter soon. Last time I called (about a month ago) I was told that they only had funding left for London (fine because we live in London).
I have just called them again and they have told me they've run out of funding.
Can you please tell me when you all applied for this scheme as I am convinced that people have been given funding between March and now? I am concerned there is some sort of postcode lottery going on whereby they are deciding who gets money depending on where they currently live.
I am seriously angry as we have basically put our lives on hold in the hope that we might still get funding.
Has anyone else had a similar problem?0 -
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Ked
Yes it does Suck, we are hoping to exchange this week if Optima can get anything right, and for your reference we applied on Feb 6Th (midlands area) and yes i agree it does seem much like a lottery.0
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