Own Home Scheme Pros and Cons

jmerle

Hey DeviantSpirit,
We are in exactly the same situation as you! Had an offer accepted on a house about 3 weeks ago. We are nearly 7 weeks into an 8 week wait for our letter (that's what they told us anyway!). The estate agents have given us 7 weeks to get sorted (we are 3 weeks into that now). Just hoping that we at least get our interview date within the next 4 weeks so that we have something to aim for. At the moment we just feel like we have no idea when our interview will be.
Sooo frustrating!:mad:
Will keep you posted!

superfran_uk

jmerle wrote: »

Hey DeviantSpirit,
We are in exactly the same situation as you! Had an offer accepted on a house about 3 weeks ago. We are nearly 7 weeks into an 8 week wait for our letter (that's what they told us anyway!). The estate agents have given us 7 weeks to get sorted (we are 3 weeks into that now). Just hoping that we at least get our interview date within the next 4 weeks so that we have something to aim for. At the moment we just feel like we have no idea when our interview will be.
Sooo frustrating!:mad:
Will keep you posted!

I am not sure why you feel they are in the wrong, as all the way through they advise you NOT to start looking for places until you've been through the interview.

If what I read is true, you haven't even received your letter - it could easily be two or three months after you are sent the letter that you get your interview!

What if the house you've offered on is out of your budget, doesn't fit their criteria, or you don't get the funding at all? What if you don't pass the mortgage criteria? It's really not fair on the vendor to put an offer on a place that you can't go through with, and it is not Ownhome's fault at all that you jumped the gun - and with house prices still falling it was incredibly silly on your part to do so anyway - you could save yourself thousands just by being a bit patient.

I am amazed that the EA even passed your offer in, as you are in such a precarious position. I hope you were honest with the vendor and they are still taking viewings! I can't imagine this will end happily.

ladybird3

I have to say I agree totally with superfran! It really is very short sighted to have already put in offers for a house when you havent got the funds secured, at the end of the day you dont know exactly how much ownhome will give you and im very suprised that the agent even agreed to put the offer in
Do not take the 8 week wait as given!! I was told 6 weeks but waited 14 weeks for a letter, and then you have to wait further for the interview, then wait for the official letter comfirming the amount you're entitled to

Dont set yourself up for a huge dissapointment, plus in this economic climate waiting more can only work in your favor given that house prices are likely to fall further

as superfran says, ownhome do state very very clearly that you should not put in any offers until your funding is CONFIRMED.

jmerle

Well thanks for nice comments. We explained the situation to the agent before we put the offer in and it was the agent who asked us to go ahead and put the offer in! We are able to get a mortagage from the co-op as we had already checked that out first. The house does fit their criteria, we also checked that out. I haven't rushed in and put the offer in without doing some research and I have been entirely honest with the estate agent and vendor. We are only looking to borrow the minimum 20% from ownhome and the house isn't out of our budget, we're just short of a part of the deposit. I haven't taken the 8 week wait as a given (they told me between 6 - 10 weeks) but all I was saying is it would be useful if the time frame was more clear. They told me the wait is also affected by the area you live in so as you can see from the forum, everyone has different experiences. it isn't very useful to start calling people short sighted, I was only sharing my experience.

superfran_uk

Well I am not sure what kind of comments you were expecting, as this situation is entirely of your own making?

I suppose at least it serves as warning to others, listen to Ownhome and do NOT start to look for a property until they tell you.

barneystuta

jmerle wrote: »

Best of luck with it and please let us know how you get on. It's useful to share others' experiences.
Can I ask how long you had to wait between calling them back and getting the interview?
We have been waiting 6 weeks now and are desperate to be accepted on the scheme. People seem to wait different lengths of time and I really hope we won't have to wait too much longer than the 8 weeks they told me.......

Yeah I will do. The interview is on Friday, so will keep people in the loop. I did it way back in Feb so it has been a 3/4 month wait. And I am in the North West (well actually, North Wales, but looking in the NW to move too).

superfran_uk

They called yesterday, sending the credit agreement through. All is well with the mortgage so hopfully we can exchange in about 8 or 9 days and then complete two weeks after! Can't wait to tell my landlord where to stick it!

Cloister

Hey Superfran,

You are at a very similar stage to us, our funding has been approved - and offer accepted on our house, Valuation ok and the mortgage has just gone to the underwriters last night and then hopefully they will confirm that soon....

How long did your application take once it got to undewriter stage?

(For the info of everyone else)

I started this at the end of january and took a fairly different route. I applied initially to homebuy who then referred me on to PFP. it took 6 weeks after PFP got my application to the letter and another week for the telephone interview (a very short conversation and nothing to worry about, no arkward questions) Then apply to co-op.

They started my application but I was then advised to look for a house which actually only took a few weeks and we were lucky because there hasn't been anything suitable on the market since.

Once had the offer accepted on the house it was apply to co-op which was about a month ago now. All the little stages do take their time and I'm really impatient to move I'm so glad I didn't look for a house too early though.

debhome97

Hi All, just joined!

Thought I would share my experiences.

I tried to get a house on the my choice home buy scheme but by the time I jumped through all the hoops and found a suitable place the funding ran out at the start of May..

I had joined the ownhome scheme in April but held out little hope of hearing from them for at least another few weeks as they told me at least 8 weeks till I get a letter asking to call to book an interview. But I had my letter this monday, and had a interview on yesterday, they said I was eligible for the scheme and then I called the estate agents to see if the house I looked over a month ago was still available, to my surprise it was!! so then I called the co op mortgages with the details and they accepted me for a mortgage straight away.

Next back onto the estate agents this morning made a offer which they didn't accept, but I agreed to offer asking price as someone else is interested and will make an offer when they get back from hols so thought I would get in quick....but Estate agents don't want to take it off the market till they get in writing from ownhome and coop mortgages that I have been accepted, I called both parties and they said should have letters by Monday, I sure hope so as vendors will only give me a few days breathing space, fingers crossed!!

Has anyone else had a similar experience how long does it take for confirmation letters from OH and the Co-op? not sure if it makes a difference on your location but I am in the bedfordshire area.

Cloister

I think I got my letters after about 4 days from co-op and PFP but I had my offer accepted when I was exactly at the point you are in. I did explain the situation to the estate agent, from then it's just a waiting game.

Wow I thought Homebuy had new funding in April, it certainly did in my area Herefordshire.