Own Home Scheme Pros and Cons

tek-monkey

Did you explain to the first vendor that the ownhome scheme takes 4 weeks to process the funds? I can understand your frustration, but am suprised the vendors walked if the sale was going to happen.

I had some good news today, the indemnity policy is now with my lender. I have been told if I hear nothing then to call them on Monday afternoon. As I lose my funding and my mortgage on the Tuesday thats cutting it just a little close! I also have my 6 month review at work on the same day, so lets see what else can go wrong

Ama

tek-monkey wrote: »

Did you explain to the first vendor that the ownhome scheme takes 4 weeks to process the funds? I can understand your frustration, but am suprised the vendors walked if the sale was going to happen.

I had some good news today, the indemnity policy is now with my lender. I have been told if I hear nothing then to call them on Monday afternoon. As I lose my funding and my mortgage on the Tuesday thats cutting it just a little close! I also have my 6 month review at work on the same day, so lets see what else can go wrong

I'm glad to hear you have some good news. Nothing else will go wrong... you have had a lot to deal with and I am sure sod has no more tricks in his bag. Keeping everything crossed for you.

debhome97

tek-monkey wrote: »

Did you explain to the first vendor that the ownhome scheme takes 4 weeks to process the funds? I can understand your frustration, but am suprised the vendors walked if the sale was going to happen.

I had some good news today, the indemnity policy is now with my lender. I have been told if I hear nothing then to call them on Monday afternoon. As I lose my funding and my mortgage on the Tuesday thats cutting it just a little close! I also have my 6 month review at work on the same day, so lets see what else can go wrong

Hi Tek monkey firstly glad to see things seem to be working out for you...house buying really is almost impossible every which way you turn something seems to crop up!
Secondly thanks for your reply - honestly, looking back to the first house issues - I didn't know that it was going to take 4 weeks process the funds until the day PFP actually told me...the top of the chain decided they were going to drop out due to a change in their circumstances and our vendors were adament they weren't interested in compromising with us and didn't want to rent even thou absolutley everything had been sorted for exchange, we were ready to get the funds transfered from PFP so its was SO frustrating.
A house a few doors away from the first came up with no chain. So we thought we would cut our loses...but the new vendors cant get a mortgage as they are self employed...the last of the self cert mortgages went this week, so we are just hoping a miracle happens and something turns up for them. We have put our valuation on hold for the next week. But its looking like we will have to start again next year. Just hoping there are more home buy schemes in the pipe line but the government hasn't announced anything yet.
Does anyone think it will be likely they will start up again?

tek-monkey

Ok, getting just a tad upset now. Just had a call from the co-op, seems they made a mistake on my application form and weren't treating me as a FTB. They have decided that as I am a FTB (and had to be to use this scheme), they don't want to lend me the money! Because its gone over the 90 days (I needed an extension of 2 weeks cos of problems) they re-evaluated my application and spotted their mistake. So I've had 3 months of stress and costs trying to sort all this out, only to be told they should never have told me to go for the house anyway. I am now waiting on a call back to see if they can sort anything out.

Oh, and my bike got stolen this weekend too

debhome97

I don't understand what being a FTB has to do with it? how does it make a difference. Very confusing...I think they make their rules up as they go along. I am beginning to think that even if our new vendors somehow (I don't it will happen) get a mortgage agreed. The Co-op or PFP will find something wrong. The people on this forum who say you bought a house through this scheme are you real as I just don't think its possible!!

Tekmonkey you have my sympathy...sorry about your bike too

hay_mcknight

tek-monkey..... i thought my troubles were bad. I feel sooo sorry for you !! hopefully you got some good news later today. im suppose to complete tomorrow..... need to go in to my sols and sign some docs and pay him his money !!! Im sure something will go wrong !!!

i hope things work out ok!!!

tek-monkey

Thanks both. Been told I'll get a call back today, being the final day of my mortgage extension anyway! P4P have put a hold on my funds for a further month, but if the co-op say no thats irrelevant anyway. I won't be allowed to try for another house, its this one or nothing. I'm just so annoyed that if they'd just told me from the start I could have looked for a cheaper house, and would probably be moved in by now. I've seen one I'd like that was 8k less, I just liked this one more!

We'll see....

tek-monkey

Woohoo, its on again!

Lender admitted reponsibility for the mistake, agreed to let it go ahead. Offer should be issued today

hay_mcknight

Fantastic tek-monkey....thats great news !!!

I completed today !!! Got my keys and was cleaning for 4 hours solid ...its only a tiny flat as well !!! Anyway knackered now and got a long few days ahead painting and stuff!!!

Good Luck everyone.... hang in there..it is worth it in the end up !!!

tek-monkey

So glad you got your keys today, must be a great feeling