Own Home Scheme Pros and Cons

Miss_26

I wonder how long it will take for letter to come through confirming funds?

Anyone confirm if the co-op will accept P60 over bank statements, im sure they said this on the phone yesterday but cant remember?

tek-monkey

They told me either P60 or 3 months bank statements.

tek-monkey

Called ownhome, they said it was their fault! Apparently the person dealing with my application wasn't getting some mails, I dunno. Don't care as they've promised me the funding, but I am SO glad I called now.

Steven.Morris7

Miss_26 wrote: »

I wonder how long it will take for letter to come through confirming funds?

Anyone confirm if the co-op will accept P60 over bank statements, im sure they said this on the phone yesterday but cant remember?

The Co-op should have told you what they wanted. In our case they only needed payslips / P60's... as touch wood myself / my partner have a good credit rating, so the rep said thats all they needed!

The letter of allocation only took a few days. The Co-Op take a while to process the paperwork which is a pain...

Playboy999

Miss_26 wrote: »

I wonder how long it will take for letter to come through confirming funds?

Anyone confirm if the co-op will accept P60 over bank statements, im sure they said this on the phone yesterday but cant remember?

My partners letter confirming funds have been secured came through within a few days!

We are waiting for P4P to send the final offer to us - were 2 weeks into the 4 weeks wait!

Miss_26

Just ive read all these horror stories that they have got funding but then they get a letter saying funds have run out!!

ladybird3

God this all sounds very stressful for you all it's really bad to be playing around with people and saying things have been sent when they actually havent etc

Cloister thanks for the advice, the only reason I'm handing in my rent notice is because I dont want an overlap in rent and mortgage payments so have arranged for my furniture to go into storage (have a friend who owns a removal firm which is pretty lucky!!) and then i'm going to crash at my boyfriends until the sale goes through. Funilly enough my housemates were planning to move out anyway so either way I would have had to give notice. Otherwise yes you're spot on saying not to give notice on tenancy until you definately have an exchange date-could find yourself in a cardboard box!

have let my EA know that I should be hearing from P4P next week and they seem fine with it which is good.

Good luck everyone!

Miss_26

So just spoke to P4P as I was concerned and they said that my email from Co-op made the funds as the cut off point was yesterday for the West Midlands. OMG how close was that! They have a back log and need to allocate the funds but as long as you made yesterdays dead line then that should be ok.

tek-monkey

!!!!!!, bloke at co-op said I can use my online banking anyway but it only goes back 6 weeks! Been into Barclays, and they reckon they have no access to anything previous. Seriously, this is either utter BS or I need to change my bank. How can they have no details of things that happened less than 2 months ago?

rngeena

just would like to clear to everyone about the time limit between exchange and completion. I have seen some mixed messeges in this forum so just thought should confirm it with pfp. I just called and they said that pfp needs 2 weeks between exchange and completion and this does not just mean giving notice of exchange. Unless you have not exchanged they will not transfer the funds. I read somewhere that just a notice of completion is enough and you can then exchange and complete on the same day, but unfortunately that is not the case. If there is no exchange they will simply not release the funds.