Own Home Scheme Pros and Cons

ozzyozzy

ladybird3 wrote: »

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!

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.

rngeena

Hi cloister,
You were suppose to complete today, so what happend? can you tell me the process after the exchange? what do my lawyers need to do after exchange. We are just about to exchange so really crossing my fingers. And congratulatin for you new home.:o

Cloister wrote: »

it's all getting close for everyone now, good luck for the rest of you.

We complete tomorrow, so fingers crossed it all happens smoothly! man it's been such a long and stressful wait - we first applied to homebuy in January who then put us in touch with PfP and co-op.

superfran_uk

ozzyozzy wrote: »

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.

No-one can tell you what income multiple you will be offered. Some people have had 4, we had less than 3. It is not really to do with your area, it is to do with your salary v debts and credit score. Be patient, work on about 3 x salary and see what they offer you.

Pigeongirl

rngeena wrote: »

Hi cloister,
You were suppose to complete today, so what happend? can you tell me the process after the exchange? what do my lawyers need to do after exchange. We are just about to exchange so really crossing my fingers. And congratulatin for you new home.:o

I'm his wife and I'm here at home chewing my nails because he rang the EA at midday as we were told to do and they said the solicitors hadn't received the money yet. They've got the keys though. I'm on tenterhooks! I want those keys lol!:j

ozzyozzy

superfran_uk wrote: »

No-one can tell you what income multiple you will be offered. Some people have had 4, we had less than 3. It is not really to do with your area, it is to do with your salary v debts and credit score. Be patient, work on about 3 x salary and see what they offer you.

yes got no idea why i mentioned the area thing ! I just like chatting to Londoners i guess..;). I BEST WORK ON SALARY MULTIPLE OF 3 - 3.5 x income. I doubt they will go to 4x Income level....Ozzy

Agbe

Hi Ozzy,

We don't have our interview until the end of this week, so as yet I don't know what we'll be offered. But we have no debts whatsoever.

Do you have a date set for your interview yet?

Cloister

Pigeongirl wrote: »

I'm his wife and I'm here at home chewing my nails because he rang the EA at midday as we were told to do and they said the solicitors hadn't received the money yet. They've got the keys though. I'm on tenterhooks! I want those keys lol!:j

Hi,

We are complete - I have the keys in my pocket. (no I'm not telling my wife via a forum she knows )

The only current problem is that the Vendor is still moving boxes out a few in one room left apparently. But I am at work so she should be gone by 5pm when we are ready to go look at our new house!

Yay us!

rngeena wrote:

Hi cloister,
You were suppose to complete today, so what happend? can you tell me the process after the exchange? what do my lawyers need to do after exchange. We are just about to exchange so really crossing my fingers. And congratulatin for you new home.:o

Once we had exchanged all our attention was on packing and dealing with moving utilities we didn't speak to the solicitor in between except to ask what happens on the day of completion. For us we contacted the estate agents and they told us we were complete.

parisjordana

Pigeongirl wrote: »

I'm his wife and I'm here at home chewing my nails because he rang the EA at midday as we were told to do and they said the solicitors hadn't received the money yet. They've got the keys though. I'm on tenterhooks! I want those keys lol!:j

Hi there cloisters wife.....Im so happy for you both hopefully your journey will come to an end and a new beautiful one begining...stress over well at least the worst bit anyway.....
Im not on a scheme so mines slightly different but still I admire you folk.....we seem to be exchanging everyday for the last 3 weeks but keep getting another problem and another....I love the way this scheme works ok some times they go over the 4 weeks and time limits they say but it seems when you are at the end you truely are and seem to have cooling off periods and ten days from exchange to complete....sounds pretty organised to me....Im going to ring my solicitor up in a mo and see what news we have today.....apparently all ready to exchange and complete apart from one final document waiting to arrive and when that is in apparently it takes 3 days to release the money from the bank...:mad: dont understand it all but the closest we will be exchanging now is next week as 3 days is monday....oh another weekend....those dam weekends go so slow...anyway heres hopin you completed and have those lovely shiny new keys in your hand and we can all have a cyber toast on here later to congratulate you both xxx (ooopps sorry for the long post I get carried away):rotfl:

nig0609

ladybird3 wrote: »

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

it is 7 calender days.

P4P just called me, processing mine today, they got Coops official offer on 20th July - so was 3 weeks 2 days when they told me 4 weeks. I know im sad for counting, but who in our position isn't counting?

Steven.Morris7

nig0609 wrote: »

it is 7 calender days.

P4P just called me, processing mine today, they got Coops official offer on 20th July - so was 3 weeks 2 days when they told me 4 weeks. I know im sad for counting, but who in our position isn't counting?

Thats good to know as they got the Coops Official offer on the 24th for me.

Just maybe 4 working days away... that would be a nice thing to start next week with!