Own Home Scheme Pros and Cons

ozzyozzy

Agbe wrote: »

Sorry, I don't think I was very clear! We haven't had our interview yet: what happened was that we got a letter at the beginning of this week, which stated that we should call them. The call involved booking our phone interview, which won't be until the week after next.

Initially we were told that we would get that letter after six weeks, then twelve, then fourteen. I think it took somewhere around 13/14 weeks, although I haven't actually calculated it.

I agree about the poster in London who has been waiting for 18 weeks - I saw that and it was rather odd and unfair.

Ok. But you have the letter for the interview, at least thats something ! By the looks of it you waited 14 weeks, i have been waiting at least 12 weeks now. I just hope I am on the next batch and at least get a 'letter' soon - like everyone I am worried that funding may run out soon in the London area. Then the Ownhome party will be over............:o

Agbe

It is something, and we're glad to have finally received the letter!

If it's any consolation, we were told that there is still "plenty" of funding left in London (although the levels do seem to fluctuate - as someone upthread said (Steven.Morris7, I think) maybe funding increases when people fail to complete in time and their reserved funds are returned to the pot?).

The letter stated that even being accepted on the scheme, after the interview, we are in no way guaranteed funds, due to levels of funding changing. But the guy on the phone seemed think that, for the moment at least, there's not much to worry about with regards to available funds in London.

ozzyozzy

Agbe wrote: »

It is something, and we're glad to have finally received the letter!

If it's any consolation, we were told that there is still "plenty" of funding left in London (although the levels do seem to fluctuate - as someone upthread said (Steven.Morris7, I think) maybe funding increases when people fail to complete in time and their reserved funds are returned to the pot?).

The letter stated that even being accepted on the scheme, after the interview, we are in no way guaranteed funds, due to levels of funding changing. But the guy on the phone seemed think that, for the moment at least, there's not much to worry about with regards to available funds in London.

Well thanks for your response - keep us updated please ! Hopefully the guy on the phone is correct and funding lasts a little longer in the London area......cheers and take care :T Ozzy

Agbe

To those of you who are moving along on this scheme, may I ask at what point in the process you explained to the estate agent that you are on the scheme? Is it something that ought to be mentioned straight away?

A friend of mine, also on the scheme, has just been talking to an agent, with a view to looking at a house this weekend; when asked if he had a deposit and a mortgage, he told the agent that he was doing it through the scheme, and she said that as far as she knew all such schemes have now run out of money and she doesn't want to bother with time-wasters.

tek-monkey

I'd contact the seller and let them know their estate agent is a tool! I've mentioned it to 2 estate agents, both were happy to arrange viewings.

Miss_26

Well I have been declined. Brilliant! I have never had any credit cards etc, no debts, pay car on time every month. So obviously someone in my house has something against their name. Mum and Dad dont understand it either. I now have to appeal. Applied to get credit report through very unhelpful company. Will hopefully get it early next week. Then need to fax over to the underwriters. There should be nothing on my report thats negative. But then I have to pray there is still funding. Surely they should be able to do a credit check on you and not the household. This whole thing is a stressful joke. Looks like I will be living with my parents till im 90. It could well be because I dont actually have a credit rating due to never taking out credit cards. Heres me, do everything by the book, pay my taxes, work hard etc etc and then theres people who do nothing but run up debts etc yet get given a mortgage. Absolute JOKE!

LynchMob

Agbe wrote: »

Sorry, I don't think I was very clear! We haven't had our interview yet: what happened was that we got a letter at the beginning of this week, which stated that we should call them. The call involved booking our phone interview, which won't be until the week after next.

Initially we were told that we would get that letter after six weeks, then twelve, then fourteen. I think it took somewhere around 13/14 weeks, although I haven't actually calculated it.

I agree about the poster in London who has been waiting for 18 weeks - I saw that and it was rather odd and unfair.

There doesn't seem to be any logic in how their working through this waiting list. Agbe, after seeing that you registered three weeks after me I phoned ownhome again. I spoke to their guy who said to me that they were just making their way through those who applied at the beginning of March!! I mentioned to him that I had heard of other London based people applying after me and already receiving a booking letter. He thought that was odd! To be honest I'm not holding much hope out now although London seems to have more funding it can't last forever and by the time I receive a letter it might be to say that the golden goose has laid its last egg!!

Agbe

That is strange, LynchMob, and it certainly doesn't seem fair. Maybe London itself is broken down further, into boroughs?

When we called in July, to track progress, we were told then that they were working through March applications, and would get to the April ones in August.

krisswilliams

Miss_26 wrote: »

Well I have been declined. Brilliant! I have never had any credit cards etc, no debts, pay car on time every month. So obviously someone in my house has something against their name. Mum and Dad dont understand it either. I now have to appeal. Applied to get credit report through very unhelpful company. Will hopefully get it early next week. Then need to fax over to the underwriters. There should be nothing on my report thats negative. But then I have to pray there is still funding. Surely they should be able to do a credit check on you and not the household. This whole thing is a stressful joke. Looks like I will be living with my parents till im 90. It could well be because I dont actually have a credit rating due to never taking out credit cards. Heres me, do everything by the book, pay my taxes, work hard etc etc and then theres people who do nothing but run up debts etc yet get given a mortgage. Absolute JOKE!

So sorry to hear that... Hope the appeal goes well. I have read in here that people have won the appeal.

When was you referred? How many days after did it take for you to know?

Miss_26

It was referred late Wednesday afternoon and I rang them this morning and they said theyd sent me a letter in the post. I just cant believe it. Ive tried looking for posts saying about people appealing but cant find any.