Own Home Scheme Pros and Cons

wildgill

Im so sorry Miss_26......we haven't heard anything as yet and have resigned our selves to renting for the foreseeable future.......i have a huge shopping list for the money we've set aside for a deposit and fee's. lol. I do like to look on the bright side and shopping for a new cooker, bed and washing machine will make me feel better even if they won't be going into a home of my own. Good Luck hun. x

Playboy999

My partner is also waiting for the loan papers from Places for People. Its been nearly 2 weeks so fingers crossed we get them soon.

How is every1 else getting on? Same?

I hate all this waiting about!!!!!

Sandra2

Agbe wrote: »

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.

As a vendor whose buyers didn't mention they were using this scheme for their deposit until 6 weeks after we'd accepted their offer I would say honesty is the best policy. We are completing on Wednesday so the money does eventually come through - it's taken 4 months from start to finish - but the added stress of dealing with this scheme for us has made the moving process much more complicated. Hope you get funding and a home too!

Agbe

Thanks Sandra2. I think that, even for us, as buyers on the scheme, it'll save a lot of hassle if we are just totally honest upfront. I mean, I understand that agents and vendors don't want to waste time, but then neither do we. We understand the deposit issue and are hoping, if it's possible, to exchange and complete on the same day.

Thanks for your hopes for us - much appreciated!

superfran_uk

Agbe wrote: »

Thanks Sandra2. I think that, even for us, as buyers on the scheme, it'll save a lot of hassle if we are just totally honest upfront. I mean, I understand that agents and vendors don't want to waste time, but then neither do we. We understand the deposit issue and are hoping, if it's possible, to exchange and complete on the same day.

Thanks for your hopes for us - much appreciated!

You cannot complete/exchange on the same day. P4P require 10 working days (2 weeks) between receiving notification of exchange and completion. Your best bet is to see if your vendors will accept a token deposit at exchange - say £1000 (if you can't scare this up between now and then i'd worry, it's going to get a lot more expensive! remember your first double mortgage payment!).

Miss_26; I'm sorry, you must be so gutted right now. Get your credit check and make sure there isn't a mistake. The advice would obviously be in the future, check it out before you apply for credit as it doesn't affect your rating to do so. Your refusal will be based solely on your credit rating, not that of your family (unless there's a mistake). I know it seems like you're guilty until proven innocent as you've never had credit cards etc, but you have to see it from the lender's point of view -better to know the risks than go in blind. There are several things you can do to up it. We made sure we got credit cards and paid them off, put ourselves on the electoral role etc etc about a year before we decided to apply for a mortgage, with the idea of boosting our credit ratings.

Agbe

superfran_uk: We can get together a couple of thousand for a token deposit. But are you certain that you can't exchange and complete on the same day? I'm sure I've read somewhere (although admittedly, I can't remember where, right now!) that if P4P are given enough notice to transfer the funds than they will allow this? I may well be wrong. But as someone who has been through all this, is it written anywhere that this is disallowed? I was under the impression that the issue was one of time, and that if they had enough notification, exchanging and completing on the same day is no problem. As I said, though, I may well be wrong.

krisswilliams

Miss_26 wrote: »

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.

What do you have to do to appeal?

Miss_26

superfran_uk - how can it be a mistake, blumming big mistake if it is, could mean I dont get a property. My Uncle is a solicitor and I spoke to him today and he said it could be someone in the property im in or people before that had something that has flagged up a bad credit score. Ive applied for my credit report and waiting for pin number to get that offline and then will fax over to co-op. I wasnt expecting a decision on it till next Tuesday anyway so after the initial full on crying fit im hoping all is not lost.

Kriss - Like I said above with regards to appeal.

Me, my mum and dad are just flabbergasted, I never agree to store cards or credit card because ive always been bought up to be careful with money and to not have any debts then there are people on this forum who have debts and are getting on the scheme. Its so unfair. Surely "good behaviour" should be rewarded, "bad behaviour" not! If its not because of that, then I dont see what else it could be. If it is someone else who has something against there name then my credit report will show that im fine and hopefully will offer me a mortgage.

superfran_uk

Agbe wrote: »

superfran_uk: We can get together a couple of thousand for a token deposit. But are you certain that you can't exchange and complete on the same day? I'm sure I've read somewhere (although admittedly, I can't remember where, right now!) that if P4P are given enough notice to transfer the funds than they will allow this? I may well be wrong. But as someone who has been through all this, is it written anywhere that this is disallowed? I was under the impression that the issue was one of time, and that if they had enough notification, exchanging and completing on the same day is no problem. As I said, though, I may well be wrong.

I asked and was told, 100%, that this was not possible at all, or we would have done it ourselves as our property was vacant so we had to spend 2 weeks just waiting for the garden to grow more like a jungle... It was in the paper work too. If there is a way to get round this, my case worker did not tell me about it - you'd have to ask them directly.

Miss_26 -
Go to your bank tomorrow and get yourself a credit card!

sunshine_75

hi everyone,
I am new here and this is my first message. I need help regarding interview. I applied for ownhome back in mid-april and received letter a week ago. now i have an internew in august. I was wondering if anyone of you who has been through interview process could help me. I am a bit confused about the questions they ask . would be nice to know what questions people being asked .my income is around 32k and my wife's 6k (part-time). so should i apply as a joint application or should i apply based on only my income.
I would really appriciate if anyone can help.
Cheers.