Own Home Scheme Pros and Cons

annie_m

Have looked at my credit rating again and have 4 defaults, one of which is due to expire in about a months time.

Any defaults will mean we can't get the mortgage at all, am I right? Does anyone know if there is any chance that we'll be offered less money maybe or will it just mean no?

I'm gutted.

charliecj

ladybird3 wrote: »

waiting waiting waiting.. . . . . . . !

will have been waiting 3 weeks this week for the P4P documentation to come through, solicitors have said that is all they're waiting for

not sure whether to ring them or not but now im a bit worried given previous messages about letters being duplicated etc! has anyone else had this happen to them?

Our final mortgage offer arrived with P4P on 8th July and they looked at it and issued the credit agreement etc on 30th July...so just over a 3 week wait for us. We only received the paperwork today though, but P4P confirmed the 7 day cooling off period started on the day they looked at it (30th July).

Hopefully you won't have to wait much longer!!

superfran_uk

annie_m wrote: »

Have looked at my credit rating again and have 4 defaults, one of which is due to expire in about a months time.

Any defaults will mean we can't get the mortgage at all, am I right? Does anyone know if there is any chance that we'll be offered less money maybe or will it just mean no?

I'm gutted.

Defaults are not good. Four of them... well you'll be lucky if you find any lender in this climate, even with a sky-high rate. A couple of late payments they might excuse, but without wanting to come across harshly I really wouldn't get your hopes up, sorry.

Chris_Yates

I am going to have a rant about the OwnHome scheme as it has been a total waste of time!!

I saw the scheme and I thought.... Am I a Keyworker? Yes - Am I a first time buyer? Yes - Does my partner and I earn less than £60K? Yes!

We do not have a deposit and thought this was the perfect way to get on the ladder in this climate, as we would need at least 2 years to save something anywhere near 15% of a three bedroom semi in our area.

So we applied in April, to get a call at the end of July to assess our eligibility. In our circumstances, we were told that we would be limited to looking at 2 bedroom houses (which we found out before by reading this forum, so wasn't surprised).

They said they would expect us to put no more than £101,000 towards a 2 bedroom house, as this is the maximum they would reasonably expect to pay for one in our area. However, because my partner and I earn around £45K between us, they expect us to take out at least a £130,000 mortgage.

So what they are saying is that we earn too much for the scheme, based on us being a couple. I wish they would have been able to explain all that in the brochure or website, it would have saved me a lot of time.

The government really doesn't want to help people does it?

ladybird3

Decided to bite the bullet and call P4P, they were actually really nice!

Said that at the moment they're trying to work through well over 200 cases and sending out the offers. Today they were working on mortgage offers that they had recieved from the co-op on july 8th so for me whose offer was recieved on 17th it's going to be end of next week when I should get the first P4P offer, the lady said I should count on around about a month from now until completion just as a rough guide

seems so close yet still so far and I cant even believe it make actually eventually happen!

so for now it's another evening sat in reading 'real homes' plus its a dominos buy one get one free tuesday woohoooo!:j

superfran_uk

I'm sorry you were disappointed. This scheme gives a guide of 60k, however if your yearly wage is almost half of the cost of a house in your area I guess you earn over the limit. In some places a wage of 45k almost makes you a millionaire, here in the south east it's barely enough to rent on! My partner and I earn a little over 50k but because we live in an area where 2-beds start around the 175k mark, we were eligible.

In your situation maybe you would be off better saving a 10% deposit if 100k can buy you a house - on 45k it should be do-able? The scheme is not after all designed to help out people who can't manage to save - it's to help people who earn a decent wage to get a house rather than a shoebox.

annie_m

superfran_uk wrote: »

Defaults are not good. Four of them... well you'll be lucky if you find any lender in this climate, even with a sky-high rate. A couple of late payments they might excuse, but without wanting to come across harshly I really wouldn't get your hopes up, sorry.

I know, it's not harsh, I need an honest answer. I'm trying to think of positive ways to think about it now that it's unlikely to happen.

We'll find out for sure soon enough, hoping that my husbands good rating will take us through somehow as he's the main earner and I've been completely debt free for the last 3 years, my credit ratiing is listed as Fair, now married with a child.....don't think that counts for much.

Just wish I'd been more careful years ago. Well, if nothing else I've learned a lesson to pass on to my daughter about being good with your money from day one because it might bite you on the bum later on.

Miss_26

Its amazing the different characters you come across when speaking to Co-op. The majority of staff there are absolutely lovely and go above and beyond their job and im totally appreciative of them. However ive had three females who have been totally unsympathetic and bordering on rude. If you have read my other posts you will see that I had my mortgage app declined but due to no fault of my own. A mistake, a big mistake on 3G's part, they had linked an address to me which ive never lived at. Anyway I have had to get a declaration signed and am currently in the process of having it removed from the credit file. Other than this my credit report is immaculate, probably more so that many who have had all their funding secured. Today though the pleasant woman on the other end of the phone at Co-op had the ordasity to say that declined offers werent their priority and that I need to stop phoning all the time as it delays everything. Well im sorry but this is my life and someone else's c**k up so how dare she speak to me like that and cause me to breakdown in an absolute state. If I hadnt called a good many times a day then I wouldnt be where I am now and id probably be about 3 days behind where I am actually up to. Where do people get off being so rude, in this job they need to be understanding as these sort of problems do occur with clients so if they cant be understanding then maybe in the wrong job one thinks. I have to keep ringing, funding is running out and a couple of hours when the person who is allocated to my case has not started work yet could make all the difference! So anyone on hear who is feeling guilty about keep ringing people then I say dont, this is your life not theirs!

Steven.Morris7

ladybird3 wrote: »

Decided to bite the bullet and call P4P, they were actually really nice!

Said that at the moment they're trying to work through well over 200 cases and sending out the offers. Today they were working on mortgage offers that they had recieved from the co-op on july 8th so for me whose offer was recieved on 17th it's going to be end of next week when I should get the first P4P offer, the lady said I should count on around about a month from now until completion just as a rough guide

seems so close yet still so far and I cant even believe it make actually eventually happen!

so for now it's another evening sat in reading 'real homes' plus its a dominos buy one get one free tuesday woohoooo!:j

our final offer got to them on the 24th July... So that's good to know. Let me know when you get progressed as I should be 7 days behind!

Apart from that we are good to go! All our furniture are going into storage this week!

tek-monkey

Is this to actually get the money, or to have it allocated? I hope its not the allocation, as mine only got requested today!