Own Home Scheme Pros and Cons

Playboy999

I know im thinking ahead here but for those who have completed - when was your double mortgage payment taken by Co-op? Was it as soon as you moved in or the end of that month? Just want to get a rough idea!

tek-monkey

Double payment? Missed that bit!

ladybird3

Double mortgage payment?!!!! !!!!!!?! I seriously hope there wont be a double mortgage payment because im going tobe skint as it is!!

KED my initial call was made on 14th feb, I got the letter through for an appointment in June, on that basis I would have thought you should have heard ages ago?

Agbe

KED: we applied late April of this year, and had our interview with P4P in early August. We are also in London, so I think you should have had your interview in July.

Playboy999

I am alomst positive i read on here someone mentioning a double mortgage payment? Maybe im wrong. I must query that with the Co-op. I just want to be prepared.

zoomy

Playboy999 wrote: »

I am alomst positive i read on here someone mentioning a double mortgage payment? Maybe im wrong. I must query that with the Co-op. I just want to be prepared.

I could be wrong but think it results from the fact that you pay in advance but as the payments will not start straight away you have to pay the month in advance and the first few days you've already had when the first payment is taken.

As for my progress, everything is still stuck with Optima - so much for exchanging tomorrow! Thay are now avoiding my calls and ignoring my emails. So teed off - I had cheaper quotes but used them as they would "understand how the scheme works" really, really wishing I'd used a local firm instead

Ama

Playboy999 wrote: »

I know im thinking ahead here but for those who have completed - when was your double mortgage payment taken by Co-op? Was it as soon as you moved in or the end of that month? Just want to get a rough idea!

When I applied to the co-op, I was told they collect mortgate payments in advance and therefore I would have to make a double payment in the first month. Is this what you are referring to?

tek-monkey

In advance is fine, but why double? I already pay rent in advance so its not really an issue, I just hand all my monies to someone else!

nig0609

you start accruing interest from the day of completion. The first payment is not taken immediately, but is taken on the date of the direct debit you would have agreed with co-op, so, in theory the first payment may be up to double the regular payment. e.g. complete on 2nd, and DD on 1st will be double. if complete 15th then DD will be 1.5times.

I hope that makes sense, it is my interpretation of how they explained it to me.

Playboy999

Thanks for all your replies. I thought as much lol

Well, just waiting for the seller to receive her contract and send it back then we can exchange! This waiting game is not good ha!