AVOID My Choice Homebuy!!!

obsessed_saver

Chris2685 wrote: »

Thanks for the info chocl8princess
I decided to pull out in the end, it was taking far too long even after Catalyst had sent the approval. Plus the economy has been blown to !!!! and basically decided that it is pointless stressing ourselves out so much to buy in this type of market...

If you're bored, read all about my decision here:
http://forums.moneysavingexpert.com/showpost.html?p=14347319&postcount=4

Chris, I'm glad you've thought this through and through, and have come to your own conclusion. You are lucky that Catalyst delayed their decision and allowed you the time to research, and make a decision with your head rather than your heart.

In two years time, you will look back and be able to judge for yourself, whether you have made a good decision or not. I think, you will be smiling to yourself in two years time.

Sarb

I should have read all these thread on my choice homebuy, I have just today put in my application after having a letter from laneabbey FS saying I qualify for 50% equity loan...is this just bs? Apparently I have 7 days to cancel...should I pull out now with a 'complete refund' or still go for it? I'm have the right to buy but can't afford it on my wage alone being a single parent. I don't want to put my kid's future or home at risk if I am not going to get the money. Please any information on successful applicant, I can't believe it all just a con.

Ian_Griffiths_Halifax

Sarb, I wouldn't say that this is a con, just handled incompetently. Funds have been known to run out after people have spent money on Valuations, Legal Fees and Holding Deposits. Why buy half a house anyway?

HJS86

Hi guys

I'm in a similar situation - we applied for this scheme back in the first week of August.

It has been a complete emotional and financial rollercoaster - losing the apartment, then getting it, then losing it and then getting it but with different circumstances in place...but I'm happy to report that we're at the end!

We have now been given a contract swapping date of Nov 21st )

Fingers crossed, only 3 weeksish to go )

xx

HJS86

Of course, you should never speak too fast!!

Waiting on some sort of approval to release the funds now, yet my solicitor and IFA both don't know how or in what form this comes...

More waiting, confusion and no clear sign of when the moving date will be...

Has anyone, or does anyone know of someone who has actually made it to the end of this?

xx

Maseillo

We're right at the end of the ownhome scheme - we have exchanged contracts and will complete on 26th Nov - so almost there! I hope nothing goes wrong now anyway as we've started packing! To be completely honest we have sailed through it - everything seems to have gone really smoothly. Maybe its because its Ownhome and not Mychoice? I would have thought they'd be a similar process though. Our solicitor has been great and whenever they've called places for people or the co-op they've had immediate responses. Paperwork has been sent on the day its been requested, there's been no queries or anything. I was all set up for a load of complications after reading people's unfortunate experiences on here and I've been really surprised. We qualified for the scheme on 17th Sept and looked round places that following weekend and put in an offer the next week. So it's not taken too long.

Anyway - there is hope!

SJ

lucylooby123

I'm currently having a MAJOR headache with my choice home buy. They are seriously lacking in communication skills.


We applied some time ago, and got accepted, and were given a ballpark figure of what they would lend us, which was great. They gave us the go ahead to search for a property. This we did, and found the home we wanted. MCHB asked for floor plans and told us to reserve the house (which we had to pay for!) and as we'd reserved the house we had to instruct a solicitor within 7 days.
My Choice Home Buy KNEW this. They were 100% aware of our situation, and we kept in regular contact with them.
I spoke to them on the monday, they said they had to make a decision as to wether the house was suitable BUT that they were confident it was fine and would make the decision THAT day.

By the Friday we hadnt heard anything so we phoned them only to be told they'd run out of funding on the thursday!! (ie, they hadnt made the decision on the day they'd sad they would) Not ONLY that but the lady we'd been dealing with REFUSED to speak to us (which i thought was v.v rude!). We weren't about to have a go at her, we just wanted to know where we stood and what to do!

We have lost alot of money and my feelings are that they are just messing with people's lives. They said "oh, we might have more funding one day... so we'll write if we do!" which is next to useless, I'm putting mine, my OH's and my children's lives on hold here!


anyone else had this happen to them? do they ever get more funding? and if so, how long does this normally take?

HJS86

It does seem as though its My Choice Home Buy in particular...

We signed our deed the other day, all paper work, funding, solicitors etc are ready to go...

so why the hold up?

Apparently we are 'awaiting approval for the release of funds'. What does this mean??

Everytime I call our 'caseworker' over at MCHB there is no answer, as in it just rings out and out, or its engaged. Its impossible to speak to them

Our solicitor has now given us the approx date of 1st week of Dec - but thats them estimating, not MCHB so god knows how long Started this first week of August, yet still no one can tell us what is going on or a proper date.

Its so confusing - you're left in the dark all the time and its a massive thing, not like dunno what Im gonna have for dinner - its dunno where i'm going to be living in a few weeks!

xx

Conrad

Lenders do not like these schemes as they are effectively risky 100% deals

londongirl

Maseillo - i think i remember talking to you about Ownhome before. I too have been very lucky with them as far as i can see. Fairly stress free process but i wasn't in a particular rush either and the vendor wasn't so no major issues.

I think MyChoice Homebuy sounds worse because you have different housing associations by the sounds of things and more strict eligabilty like only having one extra room than you need etc.
I didn't have a problem with that with OwnHome -in the end have bought a studio flat (yes everyone i know it's stupid in this climate but i didn't really feel like i had a choice! And at least its in the area i wanted to stay in).

Sorry for anyone having such stresses with MyChoice Homebuy - i have recommended OwnHome to two friends already. Hopefully i'm not being too hasty but for my particular circumstances it has been my only choice - even if prices dropped another 30% i still couldn't afford anything and can't afford to rent here either (NW london). I exchanged today on my flat and complete on 5th December. I just hope nothing goes wrong between then - but i can't see that it would now we've exchanged? Definately nothing from the OwnHome side anyway.

Maseillo - since you complete before me i wonder if you are able to let me know whether you are one of the lucky ones and get the additional £1,500 grant? When i spoke to the lady in September she said everyone who had completed up to then had got the extra money (this is to buy furniture , pay for fee's etc and is only for the 1st 2000 people to go through the scheme). Obviously that was September and i'm not completing til December so not holding out hope but would be interested to know if you get it since you are completing before me!!