Own Home Scheme Pros and Cons

Ama

ozzyozzy wrote: »

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:

I applied last year ie October 08. I only waited for about 2 weeks for my interview. I got accepted but I was declined a morgage by the co-op due to my huge debts. After sorting out my finances ie about 2 weeks ago I gave them a call to enquire whether there was still funding available and they said yes. The gentleman I spoke to said nothing about the funding running out. He just said I am free to approach the co-op again when I am ready. I updated my details and they sent me a new offer letter at the begining of last week.

It's a shame you have had to wait this long. Have you actually gone through the interview process?

tek-monkey

Thanks, will see what happens! REALLY like the house, didn't realise til I'd seen a few more how good it was.

Presido

Maybe this may give you some comfort. They have started issuing letters to some applicants who applied in early May so you should not wait more than a couple week before it filtered through to your name.

ozzyozzy wrote: »

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:

tek-monkey

Right, am off to the EA in a bit with my AIP. Now what do I need to get from them, to get the mortgage agreed? Do I need the year built? Type of construction? I presume at least house number and postcode! Any hints, as I don't have a clue!

ozzyozzy

Ama wrote: »

I applied last year ie October 08. I only waited for about 2 weeks for my interview. I got accepted but I was declined a morgage by the co-op due to my huge debts. After sorting out my finances ie about 2 weeks ago I gave them a call to enquire whether there was still funding available and they said yes. The gentleman I spoke to said nothing about the funding running out. He just said I am free to approach the co-op again when I am ready. I updated my details and they sent me a new offer letter at the begining of last week.

It's a shame you have had to wait this long. Have you actually gone through the interview process?

No not yet - thats the problem. I applied in early May and am still waiting for letter - i will call them today again i think. But the reality is by the time i receive the letter, then wait for the interview, then find a place, apply for mortgage and get it all confirmed - funding will have run out... I just cannot see these timescales working out. But you never know !

Ozzy from London,

tek-monkey

Still worth a shot, not really got anything to lose but the cost of the call.

Miss_26

I sent my appeal letter and credit report to co-op yesterday. The only thing on it that ive disputed with Experian is a linked address that ive never lived or been to or have any financial links to. It was linked in 2006. Since then I have had a car loan and an orange contract set up. I have no debts, all my payments have been paid on time. I have an overdraft limit in my current account with £0 balance. Yes granted im not a huge wage and the only reason I can think the application was declined was due to credit report sayin car loan balance left was £9k however its hp and after two years I will be handing car back. My credit report is extremely good and I just pray it gets over turned. This is making me ill!! Im also on the electerol (cant spell that) roll and have lived at current address for over 10 years. I have been in my job for just under 4 years. ANyone else had theirs overturned or had the reason declined because of info from credit ref agency? Generally Co-op have been lovely however spoke to two people yesterday who clearly were getting fed up with me but at the end of the day this is my life and I dont want to lose this chance of getting on the housing ladder.

ozzyozzy

Presido wrote: »

Maybe this may give you some comfort. They have started issuing letters to some applicants who applied in early May so you should not wait more than a couple week before it filtered through to your name.

Well i just hope you are right, but as i said in a comment earlier i just cannot see these timescales working out in relation to the shrinking funding pot...I think i will call PFP again today to see if indeed the next 'batch' of letters has been sent out. The problem with these PFP people is that you can NEVER get a straight answer out of them...! :rotfl:

Playboy999

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

My partner got accepted for this scheme in June - He had the same letter a few weeks ago even though we had a letter confirming the funding had been secured. He phoned places for people who said the letter had been sent in error as he had some how been duplicated on the system. I would ring and check if i was you - they may have done the same!

tek-monkey

Mortgage now agreed for the price I offered, estate agents have stopped any viewings but said they still register interest in case my sale falls through. Is this normal?

Am excited and a little bit scared