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Own Home Scheme Pros and Cons

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  • Found a property last night which is for £125,000 but as Co-op are giving me between £121,725 and £136,317 I am going to offer £122,000... Watch this space!!!
  • ladybird3
    ladybird3 Posts: 134 Forumite
    Part of the Furniture Combo Breaker
    General rule of thumb for putting in offers is to go in at 10% below and start negotiations from there-think most estate agents would agree thats a fairly standard benchmark for getting things rolling

    However, depending on where you're buying and given the current climate you could be a bit cheeky and go in lower than that eg 12% and see what happens

    It's important to look around for what other properties are on the market for and also look at what you're getting for your money i.e look at the sq ft of a property etc

    Do not be swayed by estate agents telling you properties are selling at the asking price-they lie!
    A property is only worth what someone is willing to pay for it
  • Morphosis
    Morphosis Posts: 15 Forumite
    Has anyone else been waiting over the 4 week period for the P4P offer once they have received your official mortgage offer? They have had mine since the start of July and now keep telling me it's going to be with me the following week!
  • ladybird3
    ladybird3 Posts: 134 Forumite
    Part of the Furniture Combo Breaker
    been waiting 2 weeks. . . . . was told would be 4 too!
  • Miss_26
    Miss_26 Posts: 42 Forumite
    I had my mortgage referred last night. I have no debts, no credit cars or never have done. The only outgoing I have is my car which is on a similar thing to HP. I started that over a year ago and have kept up with payments. Im only on 18k so this could be the reason why. What is the liklihood that it will be a definate no? I just want to know how long its going to be as im in the West Midlands and they are running out of funds. :-(
  • superfran_uk
    superfran_uk Posts: 1,117 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    If you have never had credit cards or debt then your credit rating might be quite low because they just don't know if you're a risk. Lots of people have had this same experience, I would read back through the thread and take a look.
  • Hi I'm new on here.

    I'm feeling frustrated I registered my interest for the ownhome scheme on the 31st March. I have not even received a letter yet to book the interview. I'm in London and have been told that there should be for a while yet, but it will be 18 weeks next week with no response from P4P. I have phoned on a regular basis to find out when I am likely to get a response but am always told a number of excuses and that "it should be anytime now".

    I'm just bleating really but if anyone knows how I can find out where I am in the queue I would be grateful!

    Cheers
  • Found a property last night which is for £125,000 but as Co-op are giving me between £121,725 and £136,317 I am going to offer £122,000... Watch this space!!!

    Offer of £122,000 rejected so offered £124,000 and it was accepted. Just waiting on details which P4P need such as age of house, estimated council tax, bills etc...
  • Bean_69_99
    Bean_69_99 Posts: 55 Forumite
    LynchMob wrote: »
    Hi I'm new on here.

    I'm feeling frustrated I registered my interest for the ownhome scheme on the 31st March. I have not even received a letter yet to book the interview. I'm in London and have been told that there should be for a while yet, but it will be 18 weeks next week with no response from P4P. I have phoned on a regular basis to find out when I am likely to get a response but am always told a number of excuses and that "it should be anytime now".

    I'm just bleating really but if anyone knows how I can find out where I am in the queue I would be grateful!

    Cheers

    We waited for 10 weeks after being told there was an 8 week waiting list that we were on. We were then told that they were only assessing people on the waiting list. We bit the bullet and went for a mortgage interview without the governemnt 'help' and the same morning got a letter confirming that the money pot is dried up.

    We are under the EMHomebuy (east midlands) if it makes a difference?
  • Miss_26
    Miss_26 Posts: 42 Forumite
    @superfran_uk - Ive had a look and only found posts which say people have been refused due to debt. Im hoping that when they see ive been paying for the car on time every month that this will be ok. Ive checked on the co-op site with my annual wage minus the car payments and it comes up with £70,500. I have had to include service charges into monthly outgoings but even then im surprised I got referred for a £66,000. Id seen two apartments and thought I was going to go with the £110,000 one however since speaking to Co-op ive gone for the 105,000 so as long as Co-op can offer me a £63,000 mortgage then fingers crossed I should be ok. Can anyone in the same situation and had it resolved shed any light?
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