Own Home Scheme Pros and Cons

tek-monkey

Thanks

Just had a call, they've spoken to the bloke who sounds positive, needs to clear it with his wife though. Funnily enough, the house (and furniture in it) were hers! Should hear something back today, am off to view another place now anyway as no harm in still looking.

zoomy

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.

I explained when I made an offer that I was using the scheme - I did make the mistake of telling one agent early on before any viewings and regretted it as they were very difficult as a result.

It is very important to explain at the offer stage though as when you make your offer you do not know if you have funding and are not therefore in a position to proceed.

zoomy

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

In my case I had to wait to instruct the survey until the co-op had heard from P4P that my funding was secured...

I hope you have heard today that you were sent the letter in error!?

zoomy

My progress update is that I'm now waiting (1 week I'm told) for the Co-op to process the paperwork post valuation so that I can join the queue (4 weeks) for the Ownhome paperwork to come through. Add a 7 day cooling off period and 2 weeks from completion to exchange and I might just be in there the last week in September! - Can't wait!!!:D

annie_m

We called OwnHome and spoke directly to an advisor this morning who has assured us our area still has funds, so on we go.

Have put in an offer today on a property which has been up for months with no offers - guess what? Someone else put an offer on it today as well as us, for a similar price! Poop!

Still, not bad news yet, vendor is in Canada and will call tomorrow to let agent know his decision, and then see what happens.......wish me luck!!

Good luck to everyone else

charliecj

We have finally reached the stage where P4P have looked at our final mortgage offer and we have been informed that the paperwork from P4P is in the post and our 7 day cooling period has commenced.

Is anyone who has gone through the whole process able to help us understand what happens next?

As far as we are aware, we receive an application form and info from P4P and then once we have returned this and waited the 7 days, we will receive the final credit agreement to sign. What happens after this? I know we have to leave 10 working days between exchange and completion but when and how do we know when we can exchange? Also, what actually happens between exchange and completion? Do Co-op and P4P go over all the details of our application again and request more information from us?

...I can feel the panic setting in now.....we're so close and yet still so far!!

Giraffeseeker

charliecj wrote: »

We have finally reached the stage where P4P have looked at our final mortgage offer and we have been informed that the paperwork from P4P is in the post and our 7 day cooling period has commenced.

Is anyone who has gone through the whole process able to help us understand what happens next?

As far as we are aware, we receive an application form and info from P4P and then once we have returned this and waited the 7 days, we will receive the final credit agreement to sign. What happens after this? I know we have to leave 10 working days between exchange and completion but when and how do we know when we can exchange? Also, what actually happens between exchange and completion? Do Co-op and P4P go over all the details of our application again and request more information from us?

...I can feel the panic setting in now.....we're so close and yet still so far!!

This is how it happened for me:

- Got initial contracts from P4P
- 7 days later got contracts from P4P to sign and return
- About 3 or 4 working days later got a call from P4P telling me I could exchange, they called my sol and told her the same thing
- As the rest of the chain were ready we exchanged 2 days after this
- 2 weeks later - completion

Nothing happens between exchange and completion to my knowledge, except money being moved about...

Good luck!

tek-monkey

Finally agreed an offer at 132.5, now the stress begins!

Agbe

tek-monkey wrote: »

Finally agreed an offer at 132.5, now the stress begins!

:T Congratulations! And good luck!

ozzyozzy

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.

Hi there, you say you had a letter from ownhome for the interview I assume ??, when did you actually apply for the Ownhome scheme -exact date please ! As I am in the London area and applied beginning of May - and still no letter............Ozzy :eek: