Own Home Scheme Pros and Cons

coffeedog

Oh no, that's gutting. I phoned last week and they said no problems with the south west. I was still waiting for a letter to arrange an interview.

They did say if funding does run out then we would recieve a letter to that effect. We'll see......


Oh well, have to try next year if this is the case.

coffeedog

I just phoned PFP to double check too, they said funding has run out in the South West and the scheme will not be running again next year as the government has pulled out. Gutted.

Cloister

I wonder if there are areas where the pot has hardly been touched... Wouldn't it be a good idea to take money from those areas....

themanbearpig

Ministers have quietly scrapped two of the most popular schemes aimed at helping first-time buyers on to the housing ladder.

http://www.ft.com/cms/s/0/eb9dea30-6f34-11de-9109-00144feabdc0.html?nclick_check=1

hrlevett

It is really annoying they need to help first time buyers more and this scheme was so good. Espeacially living in the south west where income doesnt come close to making it possible to buy a house you need when you are a family of 4. We have calulated it is going to take us 5 years to save for a large enough deposit to make it affordable and who knows what hose prices will be like then.We better start and just hope that they replace this scheme with something else worth applying for.

coffeedog

Yes, i agree with the above sentiments. Living in cornwall and trying to buy a house is a complete nightmare. All the house prices are so inflated and the income so low. I'm lucky enough to earn a semi-decent income down here but even on this wage it's very difficult to get on the housing ladder. I also think it will be 5 years of saving for me to get a deposit

Oh well, good luck to everyone else who still has funding

ozzyozzy

coffeedog wrote: »

Yes, i agree with the above sentiments. Living in cornwall and trying to buy a house is a complete nightmare. All the house prices are so inflated and the income so low. I'm lucky enough to earn a semi-decent income down here as a lawyer but even on this wage it's very difficult to get on the housing ladder. I also think it will be 5 years of saving for me to get a deposit

Oh well, good luck to everyone else who still has funding

Yes its a disgrace they are dropping the scheme. I didnt even notice it in the mainstream news...to busy talking about mindless drivel like MP's expenses and pop-celebs and who they are screwing !
I live in London and should have had the letter by now, but know by the time i get it - funding even down here is certain to finish. The thing is i called PFP a week ago and they have no idea the scheme is even finishing - thats a joke !
The government is forcing every1 to buy a crap newbuild - I have no idea why as there are not enough to go around anyway. This is no doubt a politically motivated decision by MP's - OK for them i guess as most have a minimum of 2 houses each.
Ozzy

hrlevett

I dont want to buy a new build they are always so over priced and i live in a little town in devon where new houses are not built very often and if they are its only afew with loads of people wanting them this is not the answer where i live, it shouldnt be so bad in london where they are building houses all the time but hopefully you will get your funding you never know

Playboy999

tressls wrote: »

HI, thanks for that. Eek- outgoings, well he has a fair bit on credit- a loan due to end December this yr, a car over 5 years and other little piddly bits as well as the stuff in his name that I pay (catalogues etc).. eek!

That offer sounds about right for his wage- so even if he WAS offered a mortgage I guess it would be less but then how much could we expect from P4P? Sorry to be so dumb but obv. if he gets offered a mortgage (not likely if the reply about him not being in his job long is owt to go by- eek!) then the amount the co op offer would be too little to buy a house- how much would P4P be offering do you reckon? Sorry it is taking some getting my head around!

I just want our own home!! :-( !! x

I know its so difficult. I am so lucky that my partner has no debt and a good credit history!

When the Co-op gave him the maximum mortgage amount he could have - Places for People gave him a choice of the amount of equity he would like. He chose 30% in the end. It all depends on income and outgoings.

Good Luck!!!!!!!!!!!!!!!!

Playboy999

ladybird3 wrote: »

think it all works a bit differently with part buy part rent so probably best to find the specific forum for that

well having had a slow start things suddenley seem to have started moving quite quickly! bank have said they're getting the mortgage offer out and solicitors have rang me today to say the contracts and other bits for me to sign have been posted out and they seem to think it could all be done and dusted within a month-hurray! :j

Do I dare start thinking about furniture/paint/etc etc. . . . . . ?!!

Hi Ladybird - Glad to hear thigs are moving quickly for you!

My partner called the bank today to see the outcome of the valuation and mortgage and the said the valuation came out exactly the amount we put the offer in for and nothing to worry about with the survey! We have just got to send the id into the solicitors so they can do their bit. Im hoping things will move quite quickly once they receive this.

Do you know when the 3 months that places 4 people give you for the funding actually starts from? date of letter they send or when the mortgage offer is confirmed?