Own Home Scheme Pros and Cons

Morphosis

I've had my mortgage offer come through, have phoned P4P and there is a 3 week waiting time for them to write up your formal offer now. A shame as things were moving very quickly.

sontoon

zoomy wrote: »

In a word yes!

When the valuer does the valuation he will base the price on recent sales of similar properties (same size, same type, same sort of decorative order) in the local area. Try finding some similar properties locally and finding out when they last sold and what for...

Done that and its come up with the fact that the house is 28% over priced but only been on the market 1 month. Somehow don't think this vendor is really going to drop 24% which is what mouseprice's top end of valuation is... mind you they would still make 12k on their house from when they bought it.

tressls

hi

right so say we are accepted how do they calculate mortage amount as it would be based on his income alone- £18,500.
what are the upfront mortgage payments? sorry to ask so many questions!! we already rent from the council and have all the furniture etc..

t x

Playboy999

tressls wrote: »

hi

right so say we are accepted how do they calculate mortage amount as it would be based on his income alone- £18,500.
what are the upfront mortgage payments? sorry to ask so many questions!! we already rent from the council and have all the furniture etc..

t x

All depends on his outgoings etc. My partner had to apply on his own as well due to my credit history not being great. He earns the same approx £18,500 and the Co-op allowed him a mortgage for £68,250. He has no debt, no overdraft and a good credit history. Places for people then allowed us to choose our equity loan between 20 - 40% - we went for 30%.

We have just gone through the mortgage application and the fee for the mortgage was about 900ish which they allowed him to add to the mortgage. We then had to pay £425 for the valuation and survey and then have the solicitors fees to pay - probably just short of £800.

Could anyone tell me...when P4P send out the letter confirming the funding has been secured on the property for 3 months - does this start from the date of the letter or when your mortgage is confirmed?

BigTA78

tressls wrote: »

Basically my other half is applying on his own (I have bad credit and am a student anyway). He works full time, earns £18500 and had been in current job about 2 months (moved from an almost identical job on slightly less money).

T x

We were in this situation and the Coop wouldn't even look at us for a mortgage as I has only been in my job for 2 months and was still on probation. It was almost identical as my last one, only more money, but they still said no. We had to wait 6 months until my probation was over.
Let me know how you get on.

We've put in an offer now, but still a bit worried about funding as our original OwnHome offer was back in November. We've spoken to them recently and they said everything was OK. They've changed the rules recently so that couples without kids can only have a 2 bed, but our keeping our original 3 bed offer for us, which is nice.

ladybird3

update on where i am, survey and valuation was done on friday-just found out today that everything was fine and that there were no problems so the bank dont need any extra reports or anything like that, plus the valuation came in at exactly what i offered-happy days!!:j
apparently now the bank will put together the final mortgage offer which will be sent out to me, the solicitors, and p4p supposedly by the end of the week. . . . .

Cloister

Well done Ladybird, just need to wait for P4P to do the offer for you and you can get exchange and completion.


P4P have confirmed they are happy for us to exchange and so are the Vendor, just waiting on Co-op to recieve the electrical quote and proof of funds to pay for it and we're good to go.

just a pain in the !!!! to wait wait wait.

rosspwilliams

As it seems Ownhome is going to be scrapped at the end of the year, would it even be worth applying now or do you think they will just refuse any new applicants as it gets closer to the end?

Thanks, Ross.

ozzyozzy

rosspwilliams wrote: »

As it seems Ownhome is going to be scrapped at the end of the year, would it even be worth applying now or do you think they will just refuse any new applicants as it gets closer to the end?

Thanks, Ross.

To be honest i am in the London area and no. 541 on the waiting list !! - if i was anyone at this stage - bearing in mind the scheme is to be scrapped - i personally would not bother. What area are you from ? As I have already said in a previous thread its a great shame this good scheme is finishing BUT thats the Government for you They want to encourage everyone to be crap newbuilds - that the builders can also screw you with over their pricing i.e. ALWAYS an overpriced newbuild - takes 5 years to catch up with the rest of the local market. Ozzy

tek-monkey

Its just a phone call, I'd do it anyway. 5 minutes of your time on the offchance it goes through seems worth it.