Own Home Scheme Pros and Cons

nicleys

Hello again... I've not kept up with current info [but will check later]

I'm the childminder that was refused a while back.... I'm "operating a business from home" and "it's a specification that your property is used wholly for residential use".

Our MP did write to P4P - and we got a letter this morning "We have referred details of your case to the Homes and Communities Agency who have clarified that we are able to allow you to apply... etc!"

Also, got a phone call at 4.15pm.... Interview is next Wednesday !!!
Have to say... I've never known a government agency to work so fast ?

Fingers crossed for next stage.

Thanks to all for advice & help.
Nicx

Cloister

What?!?

You wrote to you MP and then he wrote to PfP, I would have never thought that to work... well done!

Congratulations on now being able to use the Ownhome scheme, I hope the rest of your journey is swift and hassle free.

Maseillo - Wow you did have a good run of it there...

I started the process in January and now in June we have just had the initial paperwork from places for people that we have to review, then after the 7 day cooling off we are having the final documents through to sign for the equity loan bit.

Then we can arrange exchange and completion... I reckon it'll be middle of August till we move in which would mean from start to finish it'll be 7 months!

rngeena

Hi superfan_uk,
Just wanted to ask a quick question. How long did it actually take you from the date you recieved call from PFP saying that they will send some document and there is a 7 day cooling off periood afterwhich they will will send the load agreement til the date you exchange.
I have not decided to go with the house i put an offer on and yesterday i recieved call from PFP saying that everything seems to be fine and they will send some documetns after which there is 7 days cooling off period. My problem is that iam leaving in a rented appartment and my contract has finished with my landlord. I have already given a notice to move til 1st of august. Which means that i have nearly 5 weeks from now.
The vendors are ready to move so no problem from their side. I was just wondering if 5 weeks is enough to get the PFP things sorted out. Your answere will be appreciated.
Thaks

superfran_uk wrote: »

Oh my word, was packing away all the details today, ready for the move and had a piece of paper dated DECEMBER - that was when I originally applied! I have not missed a beat at all, we went straight from being accepted to putting an offer to booking survey to buying, and it still took 7 months! Be warned people, this is not a quick process.

I don't believe bonuses/overtime are usually taken into account but you may wish to query this with the co-op. Also if you are buying as a single person and you have a good credit history, you may well get a good multiple.

Playboy999

My partner applied for the Ownhome scheme alone as my credit history is not good enough to be accepted for the mortgage.

I thought i would share our experience so far........He applied for the scheme in Feb and had his letter asking him to call for an interview 13 weeks later. He had to wait a further 2 weeks for the interview but everything went well and he got accepted. He asked them if they would have any problem with me living with him and they said this was fine, i would just have to sign a form to say the property is his etc which i have no problem at all with. My partner called the Co-Op the same day and went through the mortgage application and in the end he was told the mortgage had been referred! He was also told the majority of the applications through this scheme get referred and not to worry!

While he was waiting for their decision he decided to check his credit report online and found that he had 2 late payments from a Burtons store card back in 2004 so we were very worried that he was going to be rejected. Thank goodness.....3 days later Co-op accepted the mortgage application and he is now waiting for PFP to confirm the funding is going to be allocated before we instruct a solicitor.

For the people that have gone through this part - how long did it take for PFP to confirm the funding has been allocated?

rngeena

for us it was about 3 to 4 days. The co op application and PFP funding allocation was done within a week.

Playboy999 wrote: »

My partner applied for the Ownhome scheme alone as my credit history is not good enough to be accepted for the mortgage.

I thought i would share our experience so far........He applied for the scheme in Feb and had his letter asking him to call for an interview 13 weeks later. He had to wait a further 2 weeks for the interview but everything went well and he got accepted. He asked them if they would have any problem with me living with him and they said this was fine, i would just have to sign a form to say the property is his etc which i have no problem at all with. My partner called the Co-Op the same day and went through the mortgage application and in the end he was told the mortgage had been referred! He was also told the majority of the applications through this scheme get referred and not to worry!

While he was waiting for their decision he decided to check his credit report online and found that he had 2 late payments from a Burtons store card back in 2004 so we were very worried that he was going to be rejected. Thank goodness.....3 days later Co-op accepted the mortgage application and he is now waiting for PFP to confirm the funding is going to be allocated before we instruct a solicitor.

For the people that have gone through this part - how long did it take for PFP to confirm the funding has been allocated?

superfran_uk

ladybird3 wrote: »

superfran how long did it take from you sending in your id to the co-op to them arranging a survey and then sending back the final offer?
I seem to be at the stage now where I've done everything from my end and now it's all in the hands of the solicitors and bank! Rightly or wrongly im hoping things wont take too long (survey results pending!!) as im not in a chain and neither are the vendors, we shall see anyway!

Survey was done a week or so after the offer was accepted - so let's say mid May or maybe slightly before. So a month and a half? But we have really pushed and we were buying from a relocation company who had all the searches etc done already - they did them when they bought the place off the vendors.

superfran_uk

rngeena wrote: »

Hi superfan_uk,
Just wanted to ask a quick question. How long did it actually take you from the date you recieved call from PFP saying that they will send some document and there is a 7 day cooling off periood afterwhich they will will send the load agreement til the date you exchange.
I have not decided to go with the house i put an offer on and yesterday i recieved call from PFP saying that everything seems to be fine and they will send some documetns after which there is 7 days cooling off period. My problem is that iam leaving in a rented appartment and my contract has finished with my landlord. I have already given a notice to move til 1st of august. Which means that i have nearly 5 weeks from now.
The vendors are ready to move so no problem from their side. I was just wondering if 5 weeks is enough to get the PFP things sorted out. Your answere will be appreciated.
Thaks

You say you have not decided? I am confused!

They send you the credit agreement, you will receive it the next day or the day after. Then seven days after that you will receive the one you can sign and send back. When they receive it, and they have confirmed, you are able o exchange, and you must tell them you have exchanged - they will then confirm that you can complete after 10 working days (2 weeks).

So 4 weeks from them confirming to completion is about right.

rngeena

sorry i meant i have decided. Thanks for the answer. i really appreciate it. Sound great that i will be able to move by 1 of august.

superfran_uk wrote: »

You say you have not decided? I am confused!

They send you the credit agreement, you will receive it the next day or the day after. Then seven days after that you will receive the one you can sign and send back. When they receive it, and they have confirmed, you are able o exchange, and you must tell them you have exchanged - they will then confirm that you can complete after 10 working days (2 weeks).

So 4 weeks from them confirming to completion is about right.

Giraffeseeker

I've exchanged on my purchase with ownhome today and the process has been unbelievably smooth. I called at the end of March and got the phone appointment on 2nd April, I think I was lucky with timings as my colleague called about a month later and was told a 12 week wait.

I put an offer in which was accepted on the 9th April and I will complete on 10th July, so around 3 months.

Good luck to everyone else on the scheme. Now for some packing! :j

happywoman

punkymunky wrote: »

Hi guys, applied on 5th March and am still waiting, just wondered if there was anybody else in the same boat? Have rung them a couple of times and asked how long the wait is and they've said 8-10 weeks but this is week 15 for us now so getting a bit worried!

We have applied in April, have been told the same timescale to wait, and after homebuy said they run out of funds - couple of days later recd letter from ownhome to give them a call back to arrange an interview. They must be extremly busy. will update later if any progress.