Own Home Scheme Pros and Cons

mandy_s_2

Can anybody who has applied for ownhome tell me what mortgages I can get through the coop, just wondering if trackers are available or if the mortgages that are available to you are determined by your ownhome loan percentage?

ladybird3

you can choose from the full range of co-op mortgages-not likethere are specific ones just for ownhome customers however it will depend somewhat on the % you're taking from ownhome as obviously with a higher % you will need a lower ltv rate and therefore you may get a better rate of interest

My paperwork was recieved by P4P on the 17th so if they're doing the 15th today I shouldnt be too far behind!!
Eeek!

Tommy_P

My full mortgage offer was received by PfP on the 4th of August and the fact that it they have a 4 week back log (and have had a 4 week backlogs for over a month) is absolutlely ridiculous! I received my allocation of funds 2 months ago, thanks to the Co-Op taking forever on the mortgage side of things I am now stuck in this major backlog. I have vendors who are majorally inpatient and really am feeling the pressure.

Makes you wonder why they haven't got on top of this backlog? It's almost as if they simply aren't bothered about it. They are messing with people lives here and they just don't seem to care! If the sale falls through because of PfP I am going to lose thousands of pounds all because they can't deal with a sudden rush in business.

OK rant over....

I know we are all stressed over this but I simply feel that PfP aren't pulling their weight, anyone agree?

Tom.

tek-monkey

I suppose they can't be bothered to hire more staff, when they're all about to be fired? Guessing staff morale is a tad low!

Cloister

tek-monkey wrote: »

I suppose they can't be bothered to hire more staff, when they're all about to be fired? Guessing staff morale is a tad low!

Why would they all be fired? PfP wasn't set up just for Ownhome, have you had a look at their web site? They are a housing association who have been chosen to deliver the equity loan part of the scheme.

I'm sure they are working as fast as possible - which would you prefer them to rush through the applications and !!!! them up or carefully go through each one.

it IS a stressful process I know that as I'm nearing the end but you just have to get the balance right. You need to phone people to chase but don't !!!! them off or you might drop back a few places.

It so happens that when I chased PfP I was expecting to wait another week, but I believe because I was so polite and chatty with the person who I talked to I got moved forward because I heard later that day.

So chasing is required but anger will get you nowhere.

ladybird3

Quick question for anyone who is nearing the end of this process or has completed already

With regards to the 7 day cooling off period that P4P stipulate, is this 7 calendar days or 7 working days?

I'm hoping to hear back with the initial loan docs any day now so will be starting the cooling off stage, thing is i dont actually want to cool off i just want to get on with it!! :j

Cloister

heh heh,

I know about not wanting to cool off. But what happened for us is that I got a call on the weds telling me the documents will be with me next day. They arrived next day.

and then I read through them, then the following thursday 7 Calender days later I recieved the final documents signed all I needed to and sent it off straight off. I asked my solicitor if she wanted to see them as some do but the solicitor will have recieved those documents anyway to read through.

Hope this helps.

ladybird3

Well talk of the devil I have just this very minute recieved a phone call from P4P!!

Rang to just go through the rest of the process and confirm they're sending out the first lot of loan docs today and will be sending the final ones a week today! HURRAH! Were really nice and apologised for the long wait. Just to confirm what has already been said they do need 10 WORKING days between exchange and completion, they cannot move on this apparently.

So all things being well I should be moving by the end of September! For anyone whos waiting P4P got my offer through on 17th july so I've been waiting just shy of 4 weeks to hear back from them. I know that quite a few people so far seem to have had negative experiences with this scheme but I have to say that aside from the speed at which things have been done I have been really happy with the whole thing and touch wood there have been no hiccups so far in terms of people not recieveing things or sending out the right emails etc etc etc.

Think it is a case of as long as you stick to their rules by the letter it will all go ok. . . .

Steven.Morris7

ladybird3 wrote: »

Well talk of the devil I have just this very minute recieved a phone call from P4P!!

Rang to just go through the rest of the process and confirm they're sending out the first lot of loan docs today and will be sending the final ones a week today! HURRAH! Were really nice and apologised for the long wait. Just to confirm what has already been said they do need 10 WORKING days between exchange and completion, they cannot move on this apparently.

So all things being well I should be moving by the end of September! For anyone whos waiting P4P got my offer through on 17th july so I've been waiting just shy of 4 weeks to hear back from them. I know that quite a few people so far seem to have had negative experiences with this scheme but I have to say that aside from the speed at which things have been done I have been really happy with the whole thing and touch wood there have been no hiccups so far in terms of people not recieveing things or sending out the right emails etc etc etc.

Think it is a case of as long as you stick to their rules by the letter it will all go ok. . . .

Hey, well i was exactly 7 calender days behind you. so touch wood i will be next Wednesday.

My experiences are the same. Things have been slow with P4P, but never have they been rude or unhelpful... (thats been more of the co-op's way of doing things!).

ozzyozzy

Agbe wrote: »

"Also when we move we are getting a lovely little puss cat from Cats protection league. We weren't allowed a pet where we were renting so that'll be nice."

Totally off-topic (although I am on the scheme), but so glad you're getting a cat from CPL! I worked in animal welfare for about ten years, and now have two semi-feral cats I got from the job. (I fostered many.) They are excellent, (difficult, at first, but always very entartaining and now very affectionate) and I just wish more people would "rescue" animals, as it saves them from being put down. (I worked for a place that had a policy of not putting down animals, unless they were in great pain; but still, there are so very many animals in homes (we had a waiting list of thousands) ) that will eventually be put down simply because there is no other option).

Hope you enjoy your new cat and home. :T

Hi there, I am in the London area, which if i am correct you are too. Do you mind me asking what INCOME MULTIPLE did the Co-Op actually lend you - 3 x or 4 x ? I really need an answer to this question, obviously it is tied to your current debts situation. I assume you applied with minimal debts ? An answer would be appreciated - Ozzy from London.

Many thanks.