Own Home Scheme Pros and Cons

annie_m

Hi all, we received confirmation yesterday that we have been approved for funding and need to get an offer in asap as there is funding in our area, but time is of the essence.

However have called Bairstow Eves to arrange a viewing today and she has said that they've had 2 clients from Own Home who had also been approved, they then put in offers only to be told about 2 weeks later that funding had run out. Yesterdays smiles have been tears today, hoping to talk to the adviser again on Monday morning and see what they say.

Surely they wouldn't say yesterday that there are funds when there aren't? We also spoke to the Co-Op who said they are 99% sure there is funding in our area as they would be the first to know when it runs out.

My worry (well one of my worries!) is that the Estate Agents aren't now looking at us as genuine customers because they've been down this road twice before and have had to dissappoint both parties as well as doing alot of work for nothing.

Could there be other reasons these people have gone so far only to be turned away? Any pearls of wisdom gratefully received! x

ladybird3

Ward7278 did you get your letter from places for people after you had put your offer in confirming that your funding had been secured?
I'm pretty sure that as long as you get that through then you're safe to go ahead with surveys etc etc as that money is then definately saved for you

I've been waiting just over 2 weeks now for the P4P loan docs but they said it could be up to 4 weeks. Would say be totally honest about being on the scheme as then your EA can keep the vendor fully up to date as to why there might be slightly longer delays

I spoke to my estate agent the other day who was really reassuring and said basically not to worry about things taking time, thankfully in my case the vendor isnt in a chain so is fine with little delays. Just hoping everything does go through eventually because it seems that this is the one and only chance as far as the funding is concerned!

good luck everyone :beer:

Seacow_2

annie_m wrote: »

Hi all, we received confirmation yesterday that we have been approved for funding and need to get an offer in asap as there is funding in our area, but time is of the essence.

However have called Bairstow Eves to arrange a viewing today and she has said that they've had 2 clients from Own Home who had also been approved, they then put in offers only to be told about 2 weeks later that funding had run out. Yesterdays smiles have been tears today, hoping to talk to the adviser again on Monday morning and see what they say.

Surely they wouldn't say yesterday that there are funds when there aren't? We also spoke to the Co-Op who said they are 99% sure there is funding in our area as they would be the first to know when it runs out.

My worry (well one of my worries!) is that the Estate Agents aren't now looking at us as genuine customers because they've been down this road twice before and have had to dissappoint both parties as well as doing alot of work for nothing.

Could there be other reasons these people have gone so far only to be turned away? Any pearls of wisdom gratefully received! x

I think that letter just confirms that you are on the scheme. Your funding is not secured until after you have an offer accepted and have your mortgage application approved. The coop will nofity Ownhome who will then send you another letter confirming that the funding on that property has been allocated to you for 3 months.

The guy at the coop told me to move very quickly because they have been given very short notice from p4p in the past before they immediately withrew funding from certain areas.

So I'm afraid that is very possible that the funding in your area has run out.

Ama

Perhaps we need to put in a petition to number 10 about this and how p4p are managing things. I understand they have a limited amount of funding but why can't they just at the very least put some information on their website about availability of funding in different areas? All this hot and cold business cannot be good for the heart and can cause migraine.

I will be calling the co-op on Friday to apply for a morgage. I'm sure people are wondering why Friday?? Well it's because I'm waiting for my credit file to be updated after paying off huge chunks of my debts. I had a letter just this week to say there is funding available in my area. I live in London by the way.

I am soo sorry to hear about all the heartache that they have caused people and wish everybody the very best for the future.

WARD7278

superfran_uk wrote: »

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...

We had phonecalls from co-op to say all mortgage had been approved and everything else was in place, we were informed by co-op that countrywide surveyors would be in touch to arrange survey on property costing us £525.00 ... This was organised by co-op and as they are in partnership with own home you would of thought they would know what they were doing !!!!!!!!!!!! ... I live in south east so hearing by other people that there is no money !!!!!! ....

parisjordana

My heart goes out to all of you lovely people.....how frustrating for some....get on your phones monday morning....Im praying for you all..xxxx

mary4kids

Right tell you our expience. Very frustrating. Applied for ownhome in feb09, put an offer on a 4 bed house end of may and our offer was accepted. Got our interview with p4p on 8th of june and applied coop the same day and 10 years fixed with %5.29 interest rate mortgage was approved as our offer was accepted on a house already. Send our mortgage papers on 12th of june. We received a letter from p4p on 17th of june saying our funding was secured for 3 months. We received the survey result on 16th of july and then received mortgage offer on 27th july. I called p4p to inform them that we received the mortgage offer and to ask what happens next. She told me when they receive the offer from coop they will send me a letter and told me they have a huge backlog and trying to sort them out. She told me not to call again. So I called coop again to tell them they have to send the offer to p4p too. She told me they already sent it to them. So I called p4p again to tell them they must have the offer as was told by coop that they sent it. She told me off for calling them and didnt even let me explain and she put the phone down on me. So thats where we are. Estate agency keep calling me asking whats going on. He knows we are on ownhome scheme and there is nothing I can do then just wait.

Presido

I will give you moral support for your crusade to Number 10! In addition if you are a good writer you may wish to consider writing an article on the extremely poor customer service. I agree with you that they should have some information to alert applicants on position of things such as period they are currently processing for each of the locations, the estimated amount in each location not yet committed, etc.

Ama wrote: »

Perhaps we need to put in a petition to number 10 about this and how p4p are managing things. I understand they have a limited amount of funding but why can't they just at the very least put some information on their website about availability of funding in different areas? All this hot and cold business cannot be good for the heart and can cause migraine.

I will be calling the co-op on Friday to apply for a morgage. I'm sure people are wondering why Friday?? Well it's because I'm waiting for my credit file to be updated after paying off huge chunks of my debts. I had a letter just this week to say there is funding available in my area. I live in London by the way.

I am soo sorry to hear about all the heartache that they have caused people and wish everybody the very best for the future.

superfran_uk

mary4kids wrote: »

Right tell you our expience. Very frustrating. Applied for ownhome in feb09, put an offer on a 4 bed house end of may and our offer was accepted. Got our interview with p4p on 8th of june and applied coop the same day and 10 years fixed with %5.29 interest rate mortgage was approved as our offer was accepted on a house already. Send our mortgage papers on 12th of june. We received a letter from p4p on 17th of june saying our funding was secured for 3 months. We received the survey result on 16th of july and then received mortgage offer on 27th july. I called p4p to inform them that we received the mortgage offer and to ask what happens next. She told me when they receive the offer from coop they will send me a letter and told me they have a huge backlog and trying to sort them out. She told me not to call again. So I called coop again to tell them they have to send the offer to p4p too. She told me they already sent it to them. So I called p4p again to tell them they must have the offer as was told by coop that they sent it. She told me off for calling them and didnt even let me explain and she put the phone down on me. So thats where we are. Estate agency keep calling me asking whats going on. He knows we are on ownhome scheme and there is nothing I can do then just wait.

Mary Mary Mary - you put an offer on a house before you had the funding, and yet it's ownhome's fault that it's taking a while?!
If they told you not to ring and you rang, can you blame them for being a little rude?!

These things take time - just take a deep breath and be prepared for it to drag on a bit, good things come to those who wait etc. You knew it was a lengthy process when you applied, we all said as much! I think if people were patient and followed the system to the letter there would be a lot less complaining on here!

Seacow_2

WARD7278 wrote: »

We had phonecalls from co-op to say all mortgage had been approved and everything else was in place, we were informed by co-op that countrywide surveyors would be in touch to arrange survey on property costing us £525.00 ... This was organised by co-op and as they are in partnership with own home you would of thought they would know what they were doing !!!!!!!!!!!! ... I live in south east so hearing by other people that there is no money !!!!!! ....

The coop would have checked with p4p (or at least they did in my case) that the funding has been allocated to your purchase before they arranged the valuation.

Hopefully the letter about funding having run out in your area doesn't affect your current purchase, I think it means that if this purchase falls through you won't be able to go for another property.