Own Home Scheme Pros and Cons

superfran_uk

nig0609 wrote: »

Jocko, that sounds incredibly frustrating, have you asked them to reconsider? In my area (SE england) they will offer support on a 2 bed property up to 180k? for me, a min mortgage of 65k = 3.5times salary, coop said they will lend up to 4.5times

I cant believe that you are restricted to a exact price. From what you have said you have a price range of £108,750-£113,000 (assuming min mortgage exactly 87000)

Bear in mind the 20% ownhome is not a fixed value, but a fixed %age of the property.

Having said that, does anyone know if the %age is based on the purchase price or the survey valuation?

As explained above, I think perhaps he did not have this well explained to him by the P4P rep.

It's based on the purchase price, but be warned if the survey valuation comes out differently you would have to re-negotiate as I am sure that they would not allow you to a) top up the price from your own pocket (too confusing when it comes to working out percentages at sale time) or b) pay over the odds for a property.

nig0609

Thanks superfran, seems like you have got your head round this scheme! Glad someone does, but i'm getting there!!

superfran_uk

Well I was getting fed up of the amount of incorrect advice passed off as 'facts' on this board, so after hours and hours of being on the phone, reading everything about 5 times, and generally doing my research etc I thought I would share it!

I can imagine that yes, it is difficult to get your head around, but my motto is if you're not sure, phone up and ask!

rebecca410

Hiya congratulations on getting your mortgage offer. Just a quick question still waiting for ours as they are still waiting to receive our id sent it last Friday internally and they still haven't got it hopefully they receive it tomorrow. Anyways before you got your mortgage offer did you ask your solicitor to start on everything he needs to do to speed up the process. Just want my mortgage offer now been on the phone everyday last week, want to move in so excited. Any advice is helpful.
Thank you:T

Cloister

heh heh,

You sound like how I feel - I can't wait to move...

I take it you have found a house and got an accepted offer on it and then applied for the mortgage. Then I appointed a solicitor and got the ball rolling. Probably about where you are now. That way the solicitor can start checking everything as it does take time and my solicitor has already brought a few things to my attention. (she seems very thorough which is what you want really)

I then applied for the mortgage and I assume the solicitor started work. yeah our documents took a few days to get where they were needed, but we had them back very quick then the survey had to be done.

hope you get your offer soon and good luck - just ask if you need any advice, Superfran is good for advice too

superfran_uk

rebecca410 wrote: »

Hiya congratulations on getting your mortgage offer. Just a quick question still waiting for ours as they are still waiting to receive our id sent it last Friday internally and they still haven't got it hopefully they receive it tomorrow. Anyways before you got your mortgage offer did you ask your solicitor to start on everything he needs to do to speed up the process. Just want my mortgage offer now been on the phone everyday last week, want to move in so excited. Any advice is helpful.
Thank you:T

Hi rebecca, sorry I didn't respond to your PM - I often access these forums on my mobile so I don't always see them. I'm not an expert on this part of the process, although I would say that it is a good idea to get a solicitor in place asap, we had ours in the wings when we were looking for houses, unfortunately they were crap so we ended up getting a new solicitor involved just after the offer was accepted.

I assume you have been approved in principle? I would assume that if you had been agreed in principle, unless you lied about anything (and I doubt you did!!) then everything should be fine as they do the credit check in the first stage.

The worst that can happen is it could fall through and you would have to pay some fees to the solicitor for the work already done, but this could happen at any stage and for numerous reasons. I'd say it's worth the risk.

armageddon_2

I originally applied on the 8th April and have heard nothing from them so thought I would give them a call today.
When I phoned they said they couldn't tell me when I the interview would be. I am in the south west near Bristol, does anyone from here have any idea what the standard lead time is between application and interview in this area?

cheers

Paul.

tek-monkey

Only called today, 10 week wait til I'll get a letter about an interview (midlands). Bloke on the phone said I could get 1 room per person moving in irrespective of who is on the mortgage, is this the case as others have found it? I currently share with 2 people, but its dead money, if they moved with me would ownhome let me get a 3 bed place?

Guess I just wait til I get a letter, got an appointment with my bank in the meantime anyway.

ladybird3

Interview on friday so hoping to start looking for somewhere next week, just wondering if anyone who has gone through the scheme to completion can give me some advice on the deposit etc? Seen a couple of threads saying that Ownhome dont release the funds until much later than would normally be expected in a purchase, there are some new build developments near where I live which I may look at however they all seem to ask for a 10% deposit on exchange then the rest of the money on completion-would ownhome release 10% of the funds for this? I wouldnt have that kind of money sat around otherwise! Thanks

katelu

I have been approved for the loan section of the scheme and started the ball rolling on the mortgage part today. However my application was "referred" rather than accepted and just wondered if this happened to anyone else? The mortgage advisor said it was probably just a formality to check I could keep the repayments up (I will be able to do this easily as my mortgage will be 2/3rds of what I pay now in rent!) I'm sure its probably due to my outstanding debts, but I have been completely upto date with repayments etc for the past 2 years with only 1 late payment in that time.

Hope I'm just getting in a "tizz" about nothing but just wondered if anyone else had experienced the same?