Own Home Scheme Pros and Cons

rngeena

hi,
we exactly on the same situation. Mine are going to the underwritters today. I talked to co op bank and the adviser said that she is going to send it today, so hopefully everything is fine. Keep me update of your progress

Cloister wrote: »

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.

smonib

Hi everyone!
I appplied for the scheme on 6th of March 2009 which is about 14 weeks ago. I keep calling them every week after the 8th weeks but there does not seem to be any light about when they would send me the latter for an inteview.

Everytime I call them, they are not very helpful, just telling me to wait and they dont know how long more I have to wait. It is really stressfull. I have to move out of the place where I live now but cant rent out a new home as the minmum contract is six months and I am hoping to get my own home alot sooner.

Cloister

smonib - I would say you're looking at about 6 months from where you are now to any possible completion.

these things do take time. I applied to the scheme at the end of January I'm not even exchanged yet...

superfran_uk

Cloister wrote: »

smonib - I would say you're looking at about 6 months from where you are now to any possible completion.

these things do take time. I applied to the scheme at the end of January I'm not even exchanged yet...

Was just about to say the same...It could take months just to find somewhere, then I'd say you are looking at a 2.5 month mimimum from offer acceptance to exchange - we look like we're just going to squeeze in within the three month limit, and our place was vacant already! So don't worry too much about getting a 6 month contract.

nicleys

Hello everyone.
My first post - please forgive any errors [all mine]

Registered with OwnHome 26th Feb, got letter 1st June with interview on 3rd June, so waiting time is over 13 weeks.

HOWEVER, I'm a registered childminder and "work from home". This was given as one of their terms and conditions and eligability was DECLINED .
I'm not considered a keyworker (even though I provide childcare for keyworkers) and also work under the EYFS, same as EYs Teachers.

BTW, I'm the secondary earner (on pin money) - husband is manager at chemical company in next town.

I'm sooo disappointed - this was a ray of hope for us (2A, 3Kids + dog).
We've written a letter to OwnHome Trust [PFP] to ask for their comments, have also cc'd local MP.
Not sure what else to do... Any ideas?
Thanks
Nicx

Cloister

Nic,

Sorry to hear about your disapointment, if you don't mind me asking why were you declined? are you not First time buyers or will they just not allow work from home....

C

nicleys

Thanks Cloister,
Sorry didn't make it clear - one of the T&Cs (which you can't actually find details of online) is "not able to operate a business from home".

We are FTB, earn below £60k, and very close to being "key worker" status. Weirdly, nursery nurses are considered (pre-school workers too) but not Chilminders !
Nicx

Cloister

Got to say I didn't realise that either. have you considered the homebuy scheme - although it is rapidly running out of funding and I don't know if they have any terms and conditions, but ownhome isn't the only scheme out there. For example this is a link to the one in my aream but a search for "homebuy" and your county should help.

http://www.orbithomebuyagents.co.uk/main.cfm?type=IDX&menuid=1

Hope that helps.

C

emma_jane1987

I sent my application off to Housing options home buy on 10th Janaury and i have not been accepted or declined yet on my status. Looked into further on the internet and they have run out for funding both 2009 and 2010

Cloister

Emma,

You can still be accepted on these schemes even though there is no funding. I expect you would have to sit and wait if you were accepted till funding was available in your area and your place in the queue was high enough.

This is speculation by me btw I don't know anything for sure. Have you looked into some of the other schemes like Ownhome or any of the ones in the link I posted above.