Own Home Scheme Pros and Cons

stampychan

I second what the above two posters have said - I had 3.5k in savings when I started, and felt like that was plenty. Co-op even told me that was plenty. I estimate that when I'm done I'll still have 1k left to buy fridge, washing machine, etc, and I'll have made a good choice to buy. For the record, though, my place comes in just under the stamp duty threshold, which is part of the reason I think it's a total bargain.

ozzyozzy - how much do you think people need when buying a place?

mandy_s_2

Ama wrote: »

I asked a question.. I know where to go if I need preaching to. You do not know my circuimstances so don't judge!!

If you are a financial advisor, then perhaps you should listen to your own advice and rent for 5-15yrs!! Afterall you know best and shouldn't need government help.

Awesome, love it! None of us would even comprehend using this scheme if we didn't need to or had any other option.

For my part I have been renting for 10 years and desperately want my own home. This scheme really works for me as I am buying a house that is under the stamp duty threshold and the mortgage is only a tenner dearer than what I am currently spending on rent per month. Like with others on this thread I have already planned how I will pay back the P4P chunk within the next 3 years.

People should not underestimate how savvy us money savers are :rotfl:

Playboy999

Well, weve finally exchanged! It happened yesterday - i am sooooo happy!!!:j:j:j

We complete and get the keys on 2nd October!!

Steven.Morris7

mandy_s wrote: »

Awesome, love it! None of us would even comprehend using this scheme if we didn't need to or had any other option.

For my part I have been renting for 10 years and desperately want my own home. This scheme really works for me as I am buying a house that is under the stamp duty threshold and the mortgage is only a tenner dearer than what I am currently spending on rent per month. Like with others on this thread I have already planned how I will pay back the P4P chunk within the next 3 years.

People should not underestimate how savvy us money savers are :rotfl:

I actually save £200.00 a month by buying a house & by luck my salary has gone up & received a bonus owed to me (which has paid off all costs incurred)... So i'm actually much much better off now & in my new house...

Good scheme.

zoomy

Congrats Playboy - thats great news :beer:
I had my contract through to sign from Optima yesterday and whilst looking through everything found out they've done the drainage search on the wrong property :mad: - the saga continues

sontoon

Just got back from holiday yesterday and had lots of catching up to do on this thread. Congratulations and well done steven and playboy :T

We got home to our survey report and all was good, valuation was spot on to what we offered :j Rung the co-op to find out what they had to say and got told that our application had now been refused.... talk about gutted after spending near on £1000 with survey and solicitors. I put the phone down and cried .

My partner rung to try and find out why and it all boils down to an instance in July. We went shopping at Tescos and paid by card only the first transaction apparently didn't register on the till because the card had been removed too quickly, so we put the card in and did it again all ok. Went to the cashpoint later that day and couldn't get any money out couldn't work out why. What had happened was the first transaction had sort of registered and come out of the account so 2 big transactions had come out for the same amount. We went to tescos and they said that it sometimes happens and in the next few days they would only take one of the amounts and the other would go back in the account. On the monday after we had 2 direct debits leaving the account and because of this blunder they were returned. One was for a small loan we have and we immediately paid with my bank card so as we didn't have a missed payment show. The other one was for my other halfs gym and they said it was ok and they would just take 2 payments the following month and that no record would be on our credit report for it. We contacted the bank and they were apologetic and agreed in writing that they would not charge us for either of the returns.

This is why our mortgage has been refused by the underwriters. We have been on the phone to Tesco and they are writing us a personal letter to send to the co-op along with the letters from the bank about this scenario and I will resend my bank statement that shows the loan payment being made. What does anybody think our chances will be to have this decision overturned or will our dreams be absolutely shattered and lose our house beacuse of Tescos?

Thanks in advance to any views

stresshead70

Well I've had a fantastic week and completely agree, this scheme is great. Yes the process has been a nightmare the majority of the time but we now have the keys to our house (as of yesterday) and its all worked out well in the end, plus we will be saving approx £200 a month cos the mortgage repayments are much less than what our rent has been for the past 5 yrs.

Sontoon, stick with it, there is always a chance! We had to appeal with the co-op and eventually they agreed we could afford it, because I spelt it out to them very clearly in the appeal letter why I felt we could and now look where we are - homeowners, its great :j

Good luck everyone, I'm off to do some decorating now

mandy_s_2

That's really fab for those of you that save money using this scheme.

Hope everything works out for you Sontoon, bet you are so mad at tesco!

I am so jealous stresshead, I am absolutely itching to get in the house and decorate.

Underwriters agreed my application yesterday, getting there slowly but will be worth it in the end :j

tek-monkey

I faxed in my drain survey today, now I wait I guess? What comes next?

nig0609

tek-monkey wrote: »

What comes next?

More waiting and chasing