Own Home Scheme Pros and Cons

superfran_uk

No, this is one of the primary criteria. You are not eligible.

superfran_uk

mary4kids wrote: »

Just to let you know. Got ours, mortgage approved, the contracts from the vendors solicitor received and all happened in a week. Very happy now:) They estimated the completed date for 31th July. When it happens it happens fast.

So you took my advice and waited patiently then? Rather that protesting in the street and writing to Gordon Brown? And see, it happened anyway!

mary4kids

superfran_uk wrote: »

So you took my advice and waited patiently then? Rather that protesting in the street and writing to Gordon Brown? And see, it happened anyway!

Yes lol. Very happy now. Sent mortgage papers back to bank today. Oh cant wait.

ladybird3

Hi everyone
am now well on the way to buying somewhere as viewed a flat today and put in an offer, however a little bit worried about the mortgage side of things
just wondering what exactly a default is? ie, when does a late payment become a default?
a couple of months ago i went overdrawn and as a result a payment couldnt be taken from my account for a loan that i have, as soon as i realised i paid a chunk of savings money into my account and phoned up the bank to ask them to take the payment again which they did and it was then fine. Does this count as a default however? or is a default when you they cant get the payment at all?

Would be so upset if this affected my mortgage as am usual so careful with my money
if anyone has the answer that would be great!

zoomy

I'm having issues with the co-op!
My initial borrowing asessment was that I could borrow 4.5x salary but because my take home salary is low - owing to tax on company car, free fuel, healthcare, pension etc. they've dropped that down to 2.75% and won't consider the ammount that the benefits save me!:eek:

My understanding is other companies would take this into account and that I could remortgage to one of them following purchase (short term loan from family to cover the missing portion) but would other lenders be happy with the own home loan deposit situation?

I guess that will teach me for thinking my company car is great!:rotfl:

tek-monkey

That sucks! I take it things like a pension would have to come off mine then? Not that I'll hear from them for 2 months, feels like forever!

rosspwilliams

Hi all,

Me and my girlfriend are currently looking at mortgage options, and because she is a key worker and we are first time buyers the Ownhome scheme has been mentioned and is something that we would be interested in. At the minute we are saving for our fee's etc, and would hope to be moved in by this time next year.

I have a couple of questions and if anyone could help I would appreciate it:

1 - Is the funding renewed year on year? If they have run out now, would we be better off holding out until late this year and then applying, or will they consider us for next year?

2 - My credit rating is currently 'Poor'. I have been working on this for the last year or so, but as a naive youngster I had a live now pay later attitude which bit me in the bum in a big way!! I have finally got myself sorted, but a lot of the accounts on my credit report are labelled defaulted but have been satisfied/settled. Will this be taken into account when we apply, or will they just look at the defaulted section? I'm 27 now, and most of these debts are from 5+ years ago. I now have less than £1,500 debt which was previously closer to £15k.

I think that's it for now!!

Many Thanks,

Ross.

zoomy

tek-monkey wrote: »

That sucks! I take it things like a pension would have to come off mine then? Not that I'll hear from them for 2 months, feels like forever!

Sure does espescially as I had followed the instructions and had an offer accepted on the property I had fallen for - I was only asking for 3.6x salary so thought I was all sorted!

..... back to the drawing board!

tek-monkey

zoomy wrote: »

Sure does espescially as I had followed the instructions and had an offer accepted on the property I had fallen for - I was only asking for 3.6x salary so thought I was all sorted!

Hmm, not good then. My only outgoings really are pension and a loan, but I suppose thats about £250pm. Will put a dent in what I could get, if they have any funding left by the time they reach me anyway.

superfran_uk

rosspwilliams wrote: »

2 - My credit rating is currently 'Poor'. I have been working on this for the last year or so, but as a naive youngster I had a live now pay later attitude which bit me in the bum in a big way!! I have finally got myself sorted, but a lot of the accounts on my credit report are labelled defaulted but have been satisfied/settled. Will this be taken into account when we apply, or will they just look at the defaulted section? I'm 27 now, and most of these debts are from 5+ years ago. I now have less than £1,500 debt which was previously closer to £15k.

One of the primary criteria is that you must not have any defaults or CCJs. I don't know if the fact they are settled will change this. To avoid disappointment you should ring OwnHome and ask them directly.