Own Home Scheme Pros and Cons

Steven.Morris7

after paying for the Valuation with the Co-Op... How long did the Valuation results come through for people?

sgrey

Hi everyone.

I am new to this site byt have been watching it a while. Me and my boyfriend have been on the list since 23rd March and just got our telephone interview for next week. Yeah - took ages but we're nearly there. I just have a few questions for those who have already been through the goventments Own Home Scheme through places for people and the Co-op Bank.

How many bedrooms are you allowed? I have heard that you are only allowed one more than you need at this time, is this right? If it is, anyways of getting around it? Ie. do they check your background etc. to see if you have kids?

Any help would be appreciated!

Suzannah

charliecj

Steven.Morris7 wrote: »

after paying for the Valuation with the Co-Op... How long did the Valuation results come through for people?

Our survey and valuation was booked about 5 days after we paid. We then contacted Co-op the day after the valuation and survey had taken place and they were able to tell us what they valued the property at and a brief overview of the condition of the property. We then received the full survey report 5 days later.

mell242

Am following this post with interest as I'm considering applying for the scheme as we can not afford to buy on our own in our village. I was just wondering if anyone knows about funding availability in the Cambridge area?
Also, when you inititally phone up for details do they let you have any idea about funding?

Hope someone can give me some idea.
Thanks

zoomy

sgrey wrote: »

Hi everyone.
How many bedrooms are you allowed? I have heard that you are only allowed one more than you need at this time, is this right? If it is, anyways of getting around it? Ie. do they check your background etc. to see if you have kids?

One more than you need, I don't think that they do check (don't know for sure) BUT personally I wouldn't want to commit fraud...

zoomy

mell242 wrote: »

Am following this post with interest as I'm considering applying for the scheme as we can not afford to buy on our own in our village. I was just wondering if anyone knows about funding availability in the Cambridge area?
Also, when you inititally phone up for details do they let you have any idea about funding?

Hope someone can give me some idea.
Thanks

I don't know if it works differently in your area but I was told when I had my phone interview that funds in my area were running low and that if I wanted any chance I needed to move quickly...

VJA_2

Hello all

I am new to this site, but have been reading through the helpful advice and experiences regarding Ownhome for quite a while. :T

I have my telephone interview with P4P for the Ownhome scheme on Wednesday. I have a question someone on here maybe able to answer, forgive me if this has already been mentioned in previous post - I have not seen it anywhere!

Does anyone know what the minimum mortgage amount P4P set for you is based on? Is it purely based on your income? And if so, do those who have applied for the scheme have a rough idea what is the typical income multiple is?

I am asking this because I concerned that the minimum mortgage amount set by P4P plus the 20% equity loan is going to be more than the value of the property I want to buy, bearing in mind I am on my own and beleive I will qualify for a maximum of 2 bedrooms.

I am happy to supply actual figures if it helps, didn’t want to do it initially and end up with a really lengthy, first post.

I would really appreciate it if anyone can help. Thank you.

Steven.Morris7

VJA wrote: »

Does anyone know what the minimum mortgage amount P4P set for you is based on? Is it purely based on your income? And if so, do those who have applied for the scheme have a rough idea what is the typical income multiple is?

I am asking this because I concerned that the minimum mortgage amount set by P4P plus the 20% equity loan is going to be more than the value of the property I want to buy, bearing in mind I am on my own and beleive I will qualify for a maximum of 2 bedrooms.

P4P take your income amount & then work out a minimum mortgage amount you should be able to afford... I think... I think it also might depend on your area as you need to take a minimum 20% off them with the scheme...

zoomy

VJA wrote: »

Does anyone know what the minimum mortgage amount P4P set for you is based on? Is it purely based on your income? And if so, do those who have applied for the scheme have a rough idea what is the typical income multiple is?

For me the minnimum mortgage ammount was 3.5x gross salary BUT the co-op would not lend me this much so the minimum mortgage ammount was waiived by P4P

VJA_2

Thank you for the reply. That is as I suspected. I have a feeling that the figures, unfortunaltey, are just not going to work out for me because I have a set amount I want to pay for a house, a realistic value of what is it worth and so not over stretching myself. I was hoping to use the scheme towards the deposit. I will wait and see what they say on Wednesday though. Thanks again.