Own Home Scheme Pros and Cons

Agbe

I think funds must have been returned to the pot in London. We got our letter from P4P today, asking us to call and arrange for an interview, and over the phone we were told that there's plenty of funding in London - whereas just a few weeks ago, when I ran to check, I was told that it's running very low.

Steven.Morris7

Agbe wrote: »

I think funds must have been returned to the pot in London. We got our letter from P4P today, asking us to call and arrange for an interview, and over the phone we were told that there's plenty of funding in London - whereas just a few weeks ago, when I ran to check, I was told that it's running very low.

well the process is quite slow, so when they say that "funds are reserved for 3 months" it can take longer than that to get everything sorted!!

So i wouldn't be surprised if funds start dropping back

krisswilliams

Got agreed with the eligibility with ownhome and co-op for the mortgage this morning... Viewed a cracking house tonight for £125,000... What should I offer? Should I offer a few thousnad lower?

Please help!?!?! Thanks...

Steven.Morris7

krisswilliams wrote: »

Got agreed with the eligibility with ownhome and co-op for the mortgage this morning... Viewed a cracking house tonight for £125,000... What should I offer? Should I offer a few thousnad lower?

Please help!?!?! Thanks...

For me, go in at 12-15k lower... I know its cheeky, but your in a strong position. Then look to do a deal maybe 4-6k below the asking price?

But note i'm a FTB so no way a pro in buying houses he he :rolleyes:

superfran_uk

Depends where it is, whether you think it's worth that amount, what else is available. Don't let the house of your dreams slip away for the sake of playing games, but also be sensible and don't let your desperation to get a place mean you pay over the odds.

Steven.Morris7

superfran_uk wrote: »

Depends where it is, whether you think it's worth that amount, what else is available. Don't let the house of your dreams slip away for the sake of playing games, but also be sensible and don't let your desperation to get a place mean you pay over the odds.

Much better advice than me lol... We did actually put a 20k below offer in (as the house was expensive for the area, but High Spec inside)... And then the Vendors came back and met us in the middle (10k off asking price), so it was sorted quite friendly enough in a few hours....

Henry41

I had my interview last Friday, spoke to the co-op straight after the call to sort out the mortgage as already had an offer on a property. I got reffered, got a call yesterday from the co-op offering me another mortgage that would still work. Only to find out today that the funds ran out on Monday. Totally gutted.

They said there is no more funds, the pot is empty and end of the scheme. Sorry to disappoint as I know how it feels.

tek-monkey

Henry41 wrote: »

They said there is no more funds, the pot is empty and end of the scheme. Sorry to disappoint as I know how it feels.

What area are you in? Viewed a house tonight I liked, but not at full price. Was 150, prepared to pay 140 but no more. If funding is about to dry up though, may have to rush into something or wait 4 years.

ozzyozzy

Agbe wrote: »

I think funds must have been returned to the pot in London. We got our letter from P4P today, asking us to call and arrange for an interview, and over the phone we were told that there's plenty of funding in London - whereas just a few weeks ago, when I ran to check, I was told that it's running very low.

Out of curiosity when did you actually apply to PFP ? as i applied beginning of May and am still waiting for the letter for interview, called them a few times and they told me to wait. I am also in the London area !

Ozzy from London

Agbe

ozzyozzy:

We applied in April. I thought it was at the beginning of April, but they had us down as having applied on around the 21st.