Own Home Scheme Pros and Cons

Cloister

Sorry to hear that Mary. In your position I would ask your solicitor to contact P4P to ask for these special circumstances to be taken into account and to process your application next as you will lose the house if this is not dealt with.

It could of course be a ruse from the vendor to see if they can speed things up, but you wouldn't want to bet against that.

Aside from that if I were going to lose my house I would call PfP again and again till they listened, you don't have much time left to sort it. Perhaps some tears on the phone might help(Certainly if you're speaking to a bloke, we're terrible when it comes to emotions) - this IS a stressfull time for you.

Good luck and let us know how it goes.

Sam_G_3

Presido wrote: »

This very popular OWNHOMN scheme in which the Government must have be advised to stop because it was really helpful to those who honestly cannot purchase a property, without some sort of help, is now in its final laps.

It's finished now:

http://www.ownhome.co.uk/servlet/Satellite?cid=1213946567253&pagename=CFScombi/Page/CFSCtplBlank

Due to high levels of demand for the funds available we are no longer accepting applications for OwnHome. No further funding is available for this programme.

parisjordana

How sad......this scheme should be available for everyone who needs it and can afford it all year round...what a stupid goverment we have!!!!!!!!!!!!!!!

Presido

Sam G,

The allocation of the available funding is still ongoing and the scheme will cease to exist after every funds has been allocated to sucessful applicants. In my opinion the Government should allocate funds to all eligible applicants that applied within the application window. It is the highest level of insincerity for the Government to divert such funds to the most useless, over inflated shared ownership schemes in which the Registered Social Landlords (RSL) will rip you of any little benefit by their rental part of the property you cannot own as an alternative.

To put things in perspective, it will cost on the average to build a three bedroom flat within blocks of flats in the most expensive area in the UK no more than £100k (the cost of land is not included as it is on a leasehold and NOT a freehold). The Government would still allow these RSL to have their way charging up to £450k (example in Hammersmith and Fulham Borough) for a Two Bedroom flat. You will then be asked to pay rentals of the part you don't own. Most RSL will go for between 2 and 2.75% for the part of the share you dont own which is very exploitative.

In my opinion the Ownhome is an excellent idea and sad that many have been disappointed in areas where the funds have dried up and more will unfortunately be disappointed when the final funds runs out within the next two or three weeks in London.

Richard_Cypher

hello all

I'm new on here, I have been following this thread to get an idea of this scheme

Big poo really, I have been waiting since February when i first registered my details with them, rang them back in April for them to say that I hadn't registered yet...rather annoying. Anyway I have noticed that the scheme has stopped, I have a interview tomorrow morning with Ownhome, and have found a pontential house for my girlfriend, daughter and myself. Will this be ok?? The own home guy said that there was still funds in Essex even though the scheme has stopped....bit worried really like a lot of people must be.

Hope we get accepted from the Co-op...Girlfriend has perfect credit rating, no debts outstanding, with a nice sum of savings in an isa for all the legal fees etc

I on the other hand, have a good credit rating 3* (most of Britain apprantently), but owe £4400 on one card.

hope this doesn't bump us...:EasterBun

ozzyozzy

Presido wrote: »

Sam G,

The allocation of the available funding is still ongoing and the scheme will cease to exist after every funds has been allocated to sucessful applicants. In my opinion the Government should allocate funds to all eligible applicants that applied within the application window. It is the highest level of insincerity for the Government to divert such funds to the most useless, over inflated shared ownership schemes in which the Registered Social Landlords (RSL) will rip you of any little benefit by their rental part of the property you cannot own as an alternative.

To put things in perspective, it will cost on the average to build a three bedroom flat within blocks of flats in the most expensive area in the UK no more than £100k (the cost of land is not included as it is on a leasehold and NOT a freehold). The Government would still allow these RSL to have their way charging up to £450k (example in Hammersmith and Fulham Borough) for a Two Bedroom flat. You will then be asked to pay rentals of the part you don't own. Most RSL will go for between 2 and 2.75% for the part of the share you dont own which is very exploitative.

In my opinion the Ownhome is an excellent idea and sad that many have been disappointed in areas where the funds have dried up and more will unfortunately be disappointed when the final funds runs out within the next two or three weeks in London.

Yes you are absolutely right about the rip - off rent on the part you dont own by the RSL's. Thats exactly the reason I do NOT want anything to do with shared ownership, the reality in London is that many of these people will NEVER own 100% of their properties, because as their salaries increase so does the value of their property - chasing a dream.....And 2 - 2.75% on the part you don't own, the base rate is 0.5% and you can get that kind of rate as a mortgage from any bank now. The result when you add up the cost of shared ownership is that the mortgage + the 'rent' on the part you don't own adds up to a monthly outgoing the same as a regular mortgage ! EXCEPT you still do not own the property ! :rolleyes:
I am in London and have applied beginning of May, still no letter, but as I have said throughout this thread, I have very little hope of receiving funds, which is disgraceful really. After all I applied and funding should be allocated to those that applied months ago.
Another thing is this great scheme has been dropped but I have seen nothing in the media about the Governments disgraceful actions, as I have said this is a political decision by Labour - a bunch of PRIME !!!!!!.
My rant over now..........Ozzy

zoomy

Finally had the final mortgage documents through from the Co-op so guess I am now in the 4 week P4P queue - given past experience though I think I might just ring to check

Miss_26

Zoomy, let me know what P4P say. Im hopeful that because the funding has pretty much all run out now that the people at P4P will be able to focus more on teh loan paperwork and get it shiffted a bit more quicker. (good english!). How long after you sent your mortgage application to Co-op did they send the final one through?

zoomy

Miss_26 wrote: »

How long after you sent your mortgage application to Co-op did they send the final one through?

It's been a month! The loan docs don't go straight to the staff they go to a PO Box first so it takes a week to get to them, a couple of days for them to go through everything (really important to keep chasing at this stage!) then they will book the survey, a week for survey to be done and report to come through, then everything goes off to the underwriters (who then took a week and a half!).

Mine did take slightly longer than a "normal" one would as I was away for a few days so didn't chase things and I had to get a letter and bank statements to prove where the shortfall in funds (they didn't give me the full mortgage) was coming from.

Miss_26

I had a shortfall as well but have that much in a bank account. I havent sent that yet as they havent asked me to but said they would at some point. Oh ill definately be chasing. I had my interview on the Tuesday, mortgage referred on the Wednesday, refused on the Thursday, sent for credit report on the Friday, manage to view it MOnday, incorrect information on it, got a declaration from the solicitors saying it was untrue, got it removed from teh report on the Wednesday and had mortgage offer on the Wednesday and funds confirmed on the Friday, all because I chased, chased chased!!