AVOID My Choice Homebuy!!!

Jumping_Bean

Chris2685 wrote: »

I really can't see prices dropping forever, and I fully expect property values to rise again within the next 5 years at least. I can see us living in this property for over 10 years, possibly even longer.

During the last crash it took around 6 years for prices to fall from peak to trough and many more years for them to recover to what they were at the peak. The boom this time has been considerably larger. Prices certainly won't fall forever but they will probably fall very fast and far instead (As they have been). Personally I think it's doubtful they will return to what they were at peak for many many years.

10 years is a very long time to commit to living somewhere. So much can happen in 10 years. Having recently graduated I presume you're in your early 20's? Do you really want to commit to living somewhere for 10 years when you're so young?

Chris2685 wrote: »

Yep, you hit the nail on the head Jumping Bean, that is the only part that I don't like about the scheme. I am going to have roughly 80k to pay back within 10 years if I don't want to end up paying extortionate costs. As long as my wage at least stays the same (hopefully it will get better as I recently graduated :j) then I will have no problem paying that loan back in full in 10 years time, and then only have to worry about the mortgage.

£80K to pay back in 10 years or face extortionate costs!!!! Do you know how hard that's going to be to pay back inside 10 years? Unless you're on a VERY VERY VERY good wage I would say it's literally impossible.

If it was me I would do everything in my power to not buy this house. I think deep down, if you're honest with yourself you know it's sensible to walk away however nice the house is.

Is it so much of a hardship to rent somewhere smaller even if it's more expensive over the short term?

Think very hard about it because once it's done, it's done. In the end it's your money / life, but I think you know what I'd do (and what you should do).

Chris2685

I just don't want the upheavel, especially once the baby is born. I've worked out how much money I will have saved by the end of the next 10 years, and it is enough unless something devastating happens, but then devastation could occur no matter what path we choose.

We're also not buying at peak, the house we're buying was on the market for about 250k 6 months ago, dropped to 230k 3 months ago and has now been agreed at 210k... Judging by other sale prices in the area (Wooburn Green) that is damn cheap even by 4-5 years ago.

currynchips wrote: »

Chris - have you got funding? Has it been confirmed(written, signed)????

Nope, not yet... But it is looking more promising now. It could still go belly up though. As many people have said, the left hand certainly doesn't seem to know what the right hand is doing!

Chris2685

currynchips wrote: »

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.

How far did you get by the way?

currynchips

We got all the way, mortgage decision, price agreed for house, solicitor ordered, constantly telling us funds were available. Then last Weds we were told limited funds were available in Hampshire, then yesterday told no funds available whatsoever. We had to ring them to find this out.
Funding is only available from April to September, so next release of funds is April 09. If I was you I'd ring first thing tomorrow to find out. Make sure they know who you are, that they have your case record and someone assigned to it.
And brace yourself.

Rabiddog_2

Sounds more like McChoice...

HollaHolla84

Yep I would like to add my name to the list of annoyed people who hae wasted mine and other peoples time with this rubbish. Apparently there may be funds available end of september. Personally I cant be the vendor of the house we were going for waiting around to maybe sell to us.

Chris2685

currynchips wrote: »

We got all the way, mortgage decision, price agreed for house, solicitor ordered, constantly telling us funds were available. Then last Weds we were told limited funds were available in Hampshire, then yesterday told no funds available whatsoever. We had to ring them to find this out.
Funding is only available from April to September, so next release of funds is April 09. If I was you I'd ring first thing tomorrow to find out. Make sure they know who you are, that they have your case record and someone assigned to it.
And brace yourself.

Who did you get in contact with? The only people I have contact with is our IFA and the person handling our case at the HA. Surely they would tell us there were no funds instead of keep going around in circles like this? We have been told they have a backlog of 3 weeks worth of applicants... So many people are going to be disappointed if they are just stringing everyone along until the final hurdle after you are told you're accepted onto the scheme, and told then how much they will give you, and then turning around and saying !!!! off

I will be soooo angry... :eek:

currynchips

We are extremely angry.
We didn't get a particular person assigned to our case, although we were told this was going to happen. Do you have the person's name, and a direct line to them?
They also told us they were snowed under whilst funds were available. I don't care how much work they've got on, it's their job - they aren't paid to sit with their feet up.
Every time they say a 3 week backlog, it's fobbing you off a little bit more.

Chris2685

Yes, we have a person assigned with a direct number to them. However, she did say that she hadn't received our original property information sheet, but with a bit of bashing from our IFA she seems to have moved us along swiftly... Of course she could just be blowing hot air! We're supposed to have it all signed off by Friday she said.

So it sounds like we may be marginally further along than you are, but I still don't hold out much hope and am prepared for the bad news. (possibly good news if all these property price dropping for 10 years scares are true!).

An interesting thing is that I did a search for the lady in charge of our case, and there is a story about her published by the housing association...

I have changed this a bit to make it less googlable:

[name hidden], has been unemployed for almost a year, was really
impressed by the event: “I've haven't attended a formal interview before,
I’ve always found employment through word of mouth,” she said. “This workshop is
helpful, now I know what to expect and how I should respond when I go for an
interview.”

That was from January 2007... Not that there is anything wrong with them employing people they help out, but I mean... It is a bit mad that this person who has 'never had a proper job' is handling possibly the most important aspect of my life so far...

currynchips

My partner had a message left on her phone(she was in work) by a 'manager' at TVHA today. Partner let me know the name and number, so I rang.....9 times. All I got was an answerphone message all afternoon saying the she was in the office, and to leave a message with her. Ridiculous.

Well done for getting as far as you have, I hope it all works out sweetly for you. However that is absolutely shocking that such a person with no real previous experience is in charge of your case.
Think, the IFA will have considerable qualifications and apprentice period. The estate agent less so but still pretty hard work to get there. The solicitors - without a doubt highly qualified too. The housing association? No marks.