Own Home Scheme Pros and Cons

StephyB90

Does anyone know if the own home scheme have run out of funding like mychoice homebuy have?? steph

jmerle

I have been on the waiting list for the ownhome scheme for 5 weeks now. I rang them last week to check that funding hadn't run out. They told me it hadn't. However, funding is allocated to different areas so it's worth ringing to check. I was also told that funding runs from April to April on this scheme, so as it's only May, it may well be that funding is still available. Hope this helps!

superfran_uk

shanqs1 wrote: »

£250k seems a lot, but it doesn't take you very far in London, as we have one child and another one is on the way, we would need a 3 bed at least, and price for that in London, even not central,would easily reach that figure, in fact I am actually looking at £280k-£300k, to be realistic.

I have a further question, how many times(multiples) the Co-op bank would let you borrow at the highest? Is it 4.5 times annual income if a single application?

Your best bet is to ring them and find out. 4.5 seems a lot, and personally I would not take this amount, but only they can really advise you as these things change and are subject to your circumstances etc.

Lindy_Loo_3

StephyB90 wrote: »

Does anyone know if the own home scheme have run out of funding like mychoice homebuy have?? steph

Hi StephyB90

I've just spoken to Ownhome S/E and they've said they still have funding available.

We're currently waiting for our interview.

bambergascoigne

we've been waiting since early feb and are just being fobbed off. Another non-accountable, lazy govt dept that cant be arsed to do any work...I suppose im on my own, as always...Probably got some duck islands need funding more urgently...

toby12_2

Hi, my wife and I have our telephone interview on Tuesday but I read a thread on here that suggests that we may not get our mortgage approved because my wife is still on her probation period at work. Does anyone know any way around this? I was thinking that maybe I could apply with someone else like my parents as they don't own their home and their income is less than 60k. Would this be feasible even though they're not going to live there? Also, when repaying the ownhome loan do they set a monthly repayment figure by how much the loan is or by how much you can afford? Thanks a lot

martini75

Hi all

Thanks for the really useful experiences shared, they are a great help for me to get my head around this OH mindfield!!

I am hoping to be accepted on to the Ownhome scheme my scenario is this:

I am a key worker living in Oxford which is very expensive place to buy. I believe I should be able to get a mortgage for approx 140k and have a deposit of 20-25K. I am looking to get an equity loan for approx 25% (55k) which would allow me to purchase house for 220k, first of all are my sums right?

Second of all do you think I will be eligible for the type of poperty I am looking for which is a three bed house with a garden considering I am a single person. The reason I ask is becuase it's important that I have a three bed becuase I am planning on fostering children and I thought I read that they tend to only offer loans for properties that meant the needs of the applicant at the time. But what about people that are planning on extending their family in the near future?

I am also hoping that the fact I have a small deposit and have a reasonable salary will not mean that they believe I am able to buy a proeprty without the scheme as I would only be able to afford a small flat with is not suitable for me and or my cat !

Any thoughts or ideas welcome!

alph250

Martini, I think even if you were mother theresa they still would not allow you a three bedroomed place and no a cat is not a valid reason either, As a single person you're entitled to one more than is neccessary so a 2 bedroomed house.

Anyway i thought i would share my experiance; I applied on November 18th and (finally) got a letter with reference number on the 27th March i then booked the phone interview (earliest date!) for the 22nd April.

So if anyone thinks there going to get a 4-5 week turn around then i wouldnt hold your breath!

We already saw the property we wanted as it came on the market back in February got sold and then fell through on the 4th may so following 2 viewings we put an offer in and it got accepted.

I have instructed a solicitor to start work but i wont be making the mortgage application until 1st of June (just paid off a loan and waiting for it to update my credit file!)

I am also very concerned over my credit score (Silly boy when i was younger!) as its only at 673 (experion) but thats with £3700 outstanding on a loan which i just cleared so it should improve when it updates, but even so

Anybody kniow what credit score or history they got accepeted on? I just had 5 missed payments from a store card consecutivley about 12 months ago and the odd 2 missed payments from 36 months ago

Any advice would be welcomed!

ladybird3

Now been on the waiting list 14 weeks and still waiting. . . . . was told 3 weeks ago they're now working through the people who went on the list in feb (thats me!) and as its the beginning of a new financial year they still have lots of funds,

bit worried as heard on the news today that prices are starting to rise again, although that said I have also read that the FSA are considering enforcing rules that would mean you can only borrow 2.5x your income-back to the days of old! therefore surely this would result in a massive housing market downturn?

superfran_uk

ladybird3 wrote: »

bit worried as heard on the news today that prices are starting to rise again, although that said I have also read that the FSA are considering enforcing rules that would mean you can only borrow 2.5x your income-back to the days of old! therefore surely this would result in a massive housing market downturn?

Really, don't worry. They will stay down for quite a while yet if history is anything to go by.