Own Home Scheme Pros and Cons

tek-monkey

haribostarmix wrote: »

Hello,

I've heard rumours this scheme is ending this year is this true? I live in West Midlands and have been told I missed out on funding this year by about two weeks and that I am on a waiting list to be contacted in the new yr?

I got the letter today, called them and was told west mids still has funds? As soon as we started he said most places are now out, but London, the east and the west mids still have money. Said there was no point progressing unless I lived in one of those areas, but that they will not take any applications anymore as funding is too little. I have my phone interview on Monday afternoon, so will see what happens.

Romani_Ite_Domum

parisjordana wrote: »

The only reason house prices shot up over the years was because IDIOTS got greedy and bought for investments not buy for it to be a home.......now we are all paying the price.....its got nothing at all to do with these schemes why houses are overpriced .....one loony poster put on one of these threads recently that these schemes are for poor people and low income families....funny that most people have to have a very good income,good stable job etc and pay their taxes....seems to me some people shout to loud about facts they realy have no idea about whatsoever and dont they make themselves looks a numpty:rolleyes::rotfl::rotfl::rotfl:.:rolleyes:

There should be sarcasm tags on this forum. It's really hard to tell sometimes.

krisswilliams

New account raised on here as it dont seem to let me log in on my old account... Anyways... Quick update. Registered 12th June on the Ownhome Scheme and was told there was funding in West Midlands when I spoke to them last week... Anyways after returning home Sunday from a weekend down London we had received a letter from Ownhome to arrange a 'eligibility assesment' where as they are going to call Weds morning for half an hour and go through my details and financials... I sure hope it goes well!!

Anyone know what can be expected after this if all goes well?

krisswilliams

tek-monkey wrote: »

I got the letter today, called them and was told west mids still has funds? As soon as we started he said most places are now out, but London, the east and the west mids still have money. Said there was no point progressing unless I lived in one of those areas, but that they will not take any applications anymore as funding is too little. I have my phone interview on Monday afternoon, so will see what happens.

How did it go? I have mine Weds morning for the West Midlands... :j

Presido

You are arguably one of the the most fortunate person in recent times to have received an eligibility assessment letter within seven weeks of registering your interest in the OWNHOME Scheme. This in my opinion is close to a miracle. Congratulations!

krisswilliams wrote: »

New account raised on here as it dont seem to let me log in on my old account... Anyways... Quick update. Registered 12th June on the Ownhome Scheme and was told there was funding in West Midlands when I spoke to them last week... Anyways after returning home Sunday from a weekend down London we had received a letter from Ownhome to arrange a 'eligibility assesment' where as they are going to call Weds morning for half an hour and go through my details and financials... I sure hope it goes well!!

Anyone know what can be expected after this if all goes well?

krisswilliams

Presido wrote: »

You are arguably one of the the most fortunate person in recent times to have received an eligibility assessment letter within seven weeks of registering your interest in the OWNHOME Scheme. This in my opinion is close to a miracle. Congratulations!

I was quite amazed myself as well as I wasnt expecting a response from them if any till at least September... Will update Weds with what happens... Fingers crossed!!!

tek-monkey

I called on June 8th, also had a letter this weekend just gone. Maybe now they aren't taking any more registrations they're free to sort things out faster?

Phone interview is at 4pm, anything I should be thinking about in advance?

Cloister

not reall the phone interview is just asking qustions about you to asess if you're eligable for the scheme which I imagine you would be or you wouldn't bother applying.

tek-monkey

Yup, def tick all the boxes or I wouldn't have bothered. Any idea what happens after this phone call, assuming funding is still available? Is it straight from this to applying for a mortgage, or are there a few more hoops to jump through first?

I assume I need to get a mortgage sorted to reserve funds, or do they not reserve them til you have a house sorted?

Cloister

They will ask income details and give you an amount which you must get from the co-op a min mortgage amount which for us was 81k, our mortgage is for 84k

and they will give you a maximum. you will have to then race to find a property you like and get your offer accepted on it, you will most likely need to move fast as your Ownhome funding will not be secure until PfP get the mortgage offer from the co-op, then it is secured for 3 months.

Once you had an offer accepted on a property then you can progress your mortgage application, once that is all complete like I said they send it to PfP but things like a survey have to be completed before any final mortgage offer.

It can be a time consuming process as it has been for us but you must work fast and keep on top of everyone, keep phoning them and keep comms flowing, this will improve your chances of securing funding.