Own Home Scheme Pros and Cons

superfran_uk

poppycat1 wrote: »

Thanks for the replies to above. I'm actually finding it really difficult to find a 2 bed property (which I've been told is the max b/rooms I can have) for the minimum mortgage price I've been given. It would be much easier to get a 3 bedroom, which would suit me anyway. Has anyone tried to up the bedroom limit and if so, were you successful?

Unfortunately you won't be allowed unless you have a child/dependent. Thems the rules...

superfran_uk

ozzyozzy wrote: »

Hi there, I am in the London area. I want to ask a question : As a single person I want to buy a 2 bed home in the London area. I want to go for something in the £250k region. Am I correct in saying that as long as I meet the equity stake limits - I want to go for 40% i.e. £100k AND my Salary Income multiples allow me to borrow say £150k, that I am allowed to go ahead and purchase a £250k property via the Ownhome scheme ?

I have assumed this should not be a problem if I meet these criteria.

Your answer would be appreciated....Ozzy

If your salary multiples allow you to get a £150k mortgage (I'm guessing this would be about 1000 a month or just under) then your sums seem fine.

superfran_uk

Presido wrote: »

You cannot buy a nice house in some areas in London for £250k.

Reason 10000001 why i can't stand London!
My partner commutes in in half an hour and our house is lovely and cost under 200k.

I would just like to know how people who earn under 60k per couple (i.e. the max allowed by this scheme) or 45k single can sustain a mortgage on a 250k+ property. We earn just over 50k and our mortgage is 128000, and 825 a month - which is comfortable... much higher and we'd be putting ourselves at risk in case one of us lost a job or something.

ladybird3

Is anyone else finidng this postal strike slightly irritating?

We haven't had post now for 4 days, my solicitor has all my bits and pieces from P4P yet I do not!

superfran_uk

ladybird3 wrote: »

Is anyone else finidng this postal strike slightly irritating?

We haven't had post now for 4 days, my solicitor has all my bits and pieces from P4P yet I do not!

I've had post every day which is surprising... Nothing important mind! I wonder if it's regional?!

parisjordana

No its not regional and was friday sat and mon last week....well done to rngeena well done u....thats u and cloister and his wife pigeon girl ...wow its all starting to happen now....ours is meant to be monday for exchange but we will see and complete thurs now.....so solicitor says today....im starting to feel a little excited now but not quite....you must just be so happy indeed.....I hope next week brings more joy to others on here for exchange and complete....Im so happy for you xxxx

rebecca410

:T Congratulations all I have exchanged today too and complete on the 27th what a long horrible process but defintely worth considering I will be a home owner in 13 days feel so lucky. Good luck to all still waiting. Hopefully nothing goes wrong from now to then

rngeena

hi,
congratulations for the exchange:T seems like we exchanged on the same day but i was wondering why you can complete on 27th because under ownhome scheme there must be exactly 2 week between exchange and complete. We completing on 28th of august

rebecca410 wrote: »

:T Congratulations all I have exchanged today too and complete on the 27th what a long horrible process but defintely worth considering I will be a home owner in 13 days feel so lucky. Good luck to all still waiting. Hopefully nothing goes wrong from now to then

rngeena

thanks best of luck for your exchange too. I am too excited to be moving to the new house.

parisjordana wrote: »

No its not regional and was friday sat and mon last week....well done to rngeena well done u....thats u and cloister and his wife pigeon girl ...wow its all starting to happen now....ours is meant to be monday for exchange but we will see and complete thurs now.....so solicitor says today....im starting to feel a little excited now but not quite....you must just be so happy indeed.....I hope next week brings more joy to others on here for exchange and complete....Im so happy for you xxxx

rngeena

Thanks ladybird3. I am really excited and feels really great to be able to move to my own house. I will keep my fingures cross for you as well and hope you exchange next week

ladybird3 wrote: »

Congratulations!! you must be so excited!:T

I had a call from the solicitors today, they've said I should be able to exchange this time next week-fingers crossed! :j