AVOID My Choice Homebuy!!!

Chris2685

9 times? jeez... but ours is just as bad!
I am pretty glad I didn't go with TVHA, they are near us too.
I should find out tomorrow according to the lady in charge of our case, so more than likely be another 2 weeks and then they will say they're out of funding or some such nonsense. If so, then I am going to do all I can to try and get some kind of compensation for all of this time lost!!

Chris2685

ARGHHH

What a bunch of nobs... Now they are asking us for proof (a letter of confirmation) that my partner is pregnant.. !!!!!!. Surely they should have thought of that before we got to this stage seeing as we told them every step of the way!!

It really is annoying, not to mention the fact that we just rang the doctors and they said we would be charged £30(!!!!!!) to have a confirmation letter! Ridiculous.

**Amy**

Chris2685 wrote: »

ARGHHH

What a bunch of nobs... Now they are asking us for proof (a letter of confirmation) that my partner is pregnant.. !!!!!!. Surely they should have thought of that before we got to this stage seeing as we told them every step of the way!!

It really is annoying, not to mention the fact that we just rang the doctors and they said we would be charged £30(!!!!!!) to have a confirmation letter! Ridiculous.

Blimey. I wouldnt of thought that would of made a difference though, surely? I could understand that in council housing (as she would get priority) but why on a my choice homebuy scheme?

Fingers crossed you get it all sorted.

wymondham

Sounds almost like they are thinking of excuses to delay things ...... next question will be write a four page essay on the merits of home purchase... :rolleyes:

Chris2685

**Amy** wrote: »

Blimey. I wouldnt of thought that would of made a difference though, surely? I could understand that in council housing (as she would get priority) but why on a my choice homebuy scheme?

Fingers crossed you get it all sorted.

Interesting you should say that, because the scheme actually does limit you to one more room than you 'need'. So a couple would only 'need' one room, so are entitled to 2 rooms. We have hammered it home to them several times over the past few months that my girlfriend is up the duff, and were told all along that it was fine and that we could go for a 3 bedroom house if we wanted...
The thing is, I don't see what difference it makes anyway. We're going to pay the loan back anyway!! Plus, 2 bedroom houses (granted, asking price) are going for the same price as our 3 bed was accepted at anyway!
REALLY annoying

Chris2685

OK, we have had it approved and can now proceed to do all the regular stuff! Survey, mortgage approval, conveyancing, etc...

Kinda exciting, also kinda scary to be spending all this money in a falling market!

I am confident it will be worth it in the end! :beer:

dorsetmum_2

I've been reading this thread with great interest. I must say I'm really pleased things are working out for you Chris!

My husband and I have made the initial applications for both Ownhome and Mychoice Homebuy. MyPlace have confirmed that they have accepted us (we live in Dorset) Ownhome have made us an appointment for a telephone interview etc. on 20th November!!!! They said to me this morning that they still have funding for open market.

Mychoice Homebuy told me they have run out of open market funding, however, I'm proceeding anyway to see what happens. I have a telephone appointment on Monday to talk through some money matters with an IFA.

Our situation is this:

My salary £24,100 rising to £29,100 next October
My husband's salary £16,800 rising to £17,600 next April
So current joint salary approx £40900 rising to £46700 after 1 yr
We have no major debts/loans to speak of. I have a professional studies loan, not due for any repayments till Jan 2011. We should have paid that off in full before then though. Our biggest hurdle will be that I had an IVA in 2004. It was completed in 2006 and I have a certificate of completion. We have no savings to speak of, and therefore have no deposit.

Anyway, as you can see, we can't get a mortgage for much and certainly not enough to buy a 3 bed house here in Dorset. We have a young baby so need the space (plus the chance of another within a few years!) Of course, there's the issue of whether we can get a reasonable enough mortgage with my poor credit/IVA history.

Mychoice Homebuy and Ownhome seem to have quite a lot of bad press on here. Do people really feel that this is not a sensible way forward? I am not particularly financially savy (although trying to be!) and am lured in by the idea of having our own place. We have always rented, and currently pay £700/month for our rental. If we wait a year or so, will the housing market really come down to make it more affordable for us?

I'm very nervous about the idea of a scheme that could potentially leave us with negative equity. We are more interested in the open market than a new build, although the mortgage advisor we spoke to at the affordable housing event said that a lot of the new build developers are agreeing to price cuts up to 25% to sell their houses.

Any thoughts on our situation would be much appreciated.

Many thanks in advice.

currynchips

I've only posted what I have because it has actually happened. I have let down another family's hope of moving on to a new bungalow as I can no longer pay what they wanted. I have to make a 670 mile day trip on Tuesday(work constraints) to find a place to rent for at least 6 months, and to be able to move into within a week. I/We are in a real mess mentally because these schemes have let us down majorly.

The housing market IS coming down. It dropped nearly 3% in the last month, so is highly unlikely to start increasing again before the new year. Renting may be the best option in terms of what you will save if you wait for the drops to end.
The scheme could work if they had decent people working for them. Remember that at some stage you are going to need to start paying off the other 15-50% of the mortgage - therefore you need to have a wage increase pending.

dorsetmum_2

Thanks Currynchips - I've just replied to your post about Southampton!

I am erring on the side of caution right now. I can understand how let down and disillusioned you must be feeling. I really got my hopes up when I got accepted onto these schemes, and am now feeling quite flat and disappointed (and we hadn't even started looking yet!). Just the idea that one day, we might have our own 4 walls is such a dream. Oh well, dream on!

**Amy**

Chris2685 wrote: »

OK, we have had it approved and can now proceed to do all the regular stuff! Survey, mortgage approval, conveyancing, etc...

Kinda exciting, also kinda scary to be spending all this money in a falling market!

I am confident it will be worth it in the end! :beer:

Oh thats great news Chris, im so glad it has worked out for you. :beer: