Own Home Scheme Pros and Cons

tek-monkey

zoomy wrote: »

I was origionally told I could borrow upto £111k, I asked for £90k and have finally ended up being offered £74,900 ... fortunately family are in a position to help me with the shortfall and p4p reduced their minimum mortgage ammount in line with the co-op's offer...

Thats not good, I take home about the same after pension/loan but will need £80k or so. Found a house I really like at 139, gonna put an offer in at 130 tomo and see what happens.

Miss_26

ive already applied for my credit report now anyway. I have a car on hp which has been going for over a year now so that should be enough. Im not sure where they stand with guarantors, they said none when I spoke to Co-op with regard to bad credit. However if it simply is because I have no creidt rating then im not sure if that would make a difference.

Its ridiculous, you cant get your credit up because you have a low credit rating but you have a low credit rating because you cant build it up....stupid.

If this fails, im just going to say yes to all cards, be totally irresponsible with money and in fact maybe I should go on the dole too, people on the dole get housed! :mad:

Presido

I have it on good authority that ALL applicants registered in April 2009 (1 April to 30 April) within London should have received their letters by now. If you registered before this time you do have a case. To get a good response you must insist that an adviser must call you why you were left out unfairly.

LynchMob wrote: »

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!!

nicleys

Hi there
Update from us based in South East - but this may not affect London... ?

Contacted Co-op yesterday as our mortgage app was referred to underwriters... Finally spoke with someone who sounded knowledgable :rolleyes:

Even if the decision for our mortgage app was now granted... There is no longer funding available AT ALL.

In their words "Plug has now been pulled completely"...
They also confirmed that if our offer and mortgage app was accepted back on 21st July - they would have written confirmation to P4P and funds would be secured... Therefore - no offer made & accepted yet = no funding.

I do hope some of you get through on tail end...
We're really fed up ... New build schemes are few & far between, and we'll probably be outside FTB criteria fairly soon (as I'm back working now).

Good Luck
Nickyx

tek-monkey

Put my offer in, just waiting to hear back now.....

Cathys1

Hi Nicleys...

Yes re the South East I have received a letter from Ownhome this morning advising that all funding has been fully committed and no further money will be available.
Just missed out by about 1 week but I am actually (and this is personally) strangely relieved. This scheme would have enabled me to get somewhere better for my needs than without the extra equity but I was concerned about the amount of debt (mortgage and loan) that would have been hanging over me. I am lucky that I have managed to save a deposit (though doesn't go far here in south east) and although I cannot afford my 'dream' place at all at least I hope I can purchase something.
It is very very hard for so many people in the SE and I am sure many will be really disappointed. Good luck to everyone still in with any chance of Ownhomehelp!

WARD7278

Hi Everyone,

I have been accepted by own home for funding back in may.
Have just recently found a house about 4 weeks ago, have been accepted by co-op mortgage just spent out nearly £900 on surveys and solicitors and was hoping to exchange by next week .... ... Had a letter this morning from own home saying all funding has run out so now unable to buy our house and now can not find out any information untill Monday am.. I've never known such a backwood system in all my life .. i have now wasted £900 and losing our house.... :mad::mad: Is anyone else had the same ????
01/08/2009

Seacow_2

WARD7278 wrote: »

Hi Everyone,

I have been accepted by own home for funding back in may.
Have just recently found a house about 4 weeks ago, have been accepted by co-op mortgage just spent out nearly £900 on surveys and solicitors and was hoping to exchange by next week .... ... Had a letter this morning from own home saying all funding has run out so now unable to buy our house and now can not find out any information untill Monday am.. I've never known such a backwood system in all my life .. i have now wasted £900 and losing our house.... :mad::mad: Is anyone else had the same ????
01/08/2009

Did you get a letter telling you that your funding was secured for 3 months after you had your mortgage application accepted? I'm currently waiting for the valuation results for the house I'm buying. I think if you have had your funding allocated you should be ok. I think so anyway.

Henry41

tek-monkey wrote: »

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.

I'm in the south east - P4P said the funding had run out for the south east and got a letter today from them confirming that.
They did say that some funds were left for london but running out fast...

superfran_uk

WARD7278 wrote: »

Hi Everyone,

I have been accepted by own home for funding back in may.
Have just recently found a house about 4 weeks ago, have been accepted by co-op mortgage just spent out nearly £900 on surveys and solicitors and was hoping to exchange by next week .... ... Had a letter this morning from own home saying all funding has run out so now unable to buy our house and now can not find out any information untill Monday am.. I've never known such a backwood system in all my life .. i have now wasted £900 and losing our house.... :mad::mad: Is anyone else had the same ????
01/08/2009

You should not be out of pocket following the system properly - they told me categorically not to pay anything out until i had confirmation in my hand...