AVOID My Choice Homebuy!!!

currynchips

They are messing with people's lives, promising money they haven't got, and severely lacking in communication skills. If you want a new house and lose a head full of hair - this is for you.

Take the advice, please don't touch this scheme.

Chris2685

STILL waiting for a response from our housing information sheet we submitted.. So annoying to be at the last stage and for them to be messing us about like this...

The lady dealing with our case actually emailed us asking for us to send the details of the property through... It is crazy because we sent it to them weeks ago!

I really don't think these schemes will last much longer, because no IFA's will deal with them if they aren't going to get any commission after sorting all of this out and suddenly the funding dries up so no mortgages actually get applied for! I will feel so bad for wasting everyones time, not to mention my own, if they come back to us and say the funding is gone

wymondham

I have a feeling this is the sign of times ahead as these schemes dry up.......
Not necessarily a bad thing as then we can get on and have a full housing crash and get back to reasonable levels again!

ad44downey

who are they? what do they do?

CHARDONNAY_3

It's basically a scheme where the government 'supposedly' offers assistance to 1st time buyers, but in reality this & similar schemes only offer false hope!

currynchips

They assist you in affording a house beyond what you can afford on your own. They tell you what to do, then sit around saying different things every week. Your estate agent, solicitor, financial advisors will all work tirelessly for you, but the housing association will do !!!!!! all.
We didn't even get notification of no funds available, we had to ring them to find out!!!
It is purely :eek: :eek: :eek: :eek: :eek: :eek:

Chris2685

Well we finally got through to the person handling our case, who is now saying she never received the info which our IFA sent out 3 weeks ago...

Well, I emailed it to her and she has now sent it for processing.. Hopefully find out on Friday... If what you guys are saying is true, and the funding is completely dried up everywhere, then it will be damn upsetting after all this time spent! Plus we will have lost out on a house we have pretty much fallen in love with...
Oh well, we are only a number to them I suppose.

ad44downey

so it's one of these part rent , part buy scheme?

Chris2685

MyChoice HomeBuy enables applicants to apply for a mortgage with any lender they choose. The scheme would provide them with up to 50% of the value of the property as an equity loan. The remainder would be funded through a conventional mortgage with a Financial Services Authority regulated lender. They would pay a lowrate of 1.75% per annum on the equity loan funded by one of eight housing associations who are acting as equity loan providers*. The rate they pay on the standard mortgage would depend on the deal selected through the mortgage providers.
With both products, no deposit is required, but is allowed. When the property is sold, the equity loan provider will be entitled to a share of any increase [or decrease] in the value of the property.

Source = http://www.firstrungnow.com/open-market-homebuy/

Some bits of that are wrong/out of date though.

It is similar to the part rent part buy schemes, but is slightly more flexible, but also more difficult to sort out!

guppy

Sounds like something the Government quickly cobbled together to announce on Budget Day to a grand fanfare, only to be quickly forgotten about.

Just another attempt to try and tackle the symptoms of the unsustainable housing bubble rather the root causes.

Thankfully the market seems to be correcting itself as we speak, without the government's help

ad44downey

so it's a typical scheme by the government to keep house prices artificially high. When will they ever learn...........