AVOID My Choice Homebuy!!!

Ladybird20

i had a look at the scheme that is run in merseyside and came upon my home town,,i can only say that these properties are in the roughest part of st helens (Parr) and its dreadfull,,i wont even drive through it....

N1SEXYTING

Congrats to those who have sucessfully bought a place on this scheme, I am soon to be a qualified keyworker and am really considering this as my best option as although I am currently a HA tenant, the rent is between £800-£1000 per month without the bills.

I currently live in a grimey part of London and I have a 22months daughter and planning for the next one so would like to move a bit further out of London or even to the outskirts of London. I prefer this scheme to the shared ownership as i would not like to buy a new build

In terms of mortgage, I have a loan and credit card which i intend to pay off by June 09 but I have a default on my account which will be 6yrs on 7/10/09 so I am thinking its probably best to wait till its cleared before trying to apply for mortgages right

All in all, I'm giving myself about a year, to
a- qualify
b - clear some debts
c- save some deposit
d - apply for the scheme Oct/Nov 09

HJS86

Congrats on all who have recently moved in :beer:

Fingers crossed, I have an interview at the end of January to make my temp job a permnant one - in which case my partner and I would be earning enough to qualify for a normal mortgage ~ for the full price of our flat, £80,000.

Currently we have a £51,000 mortgage with Nationwide and a £29,000 loan from My Choice Home Buy as my income was not counted due to its temp nature.

My question is, does anyone know whether it is possible to increase my mortgage with Nationwide by another £29,000 and pay off the my choice home buy scheme altogether?

HJS86

...Of course what I didn't realise (stoopidly:rolleyes: ) was that no one is currently offering 100% mortgages...

So when I called up Nationwide after getting my confirmation of perm employment, they advised me that I needed 15% deposit in order to extend the mortgage to the full £80k to buy out MCHB, so about £12k.

Until the economy recovers looks like we have to stick with the MCHB scheme section of our apartment :eek: .

Which means even with my new employment, we wouldn't have been able to get on the property ladder - despite the hardship and masses of paper work needed to get there, this scheme for us did what it said on the tin.

wheresmydoshat

agree with op.

they mucked us around something chronic last year. first telling us we could afford a house without them, then when we proved we couldn't asking us to prove we could afford our share.

in the end we gave up. after 4 months of being made to feel like a criminal.

HJS86

Took us four long months too, but we stuck with it, bent over backwards to all their requests and eventually it did pay off :j

We have a lovely apartment which we wouldn't have been able to afford for another 3-4 years if we were trying to save the £12,000 deposit.

xx

damianmovinghouse

hi all
I am not a keyworker i had to go down the divorced father with no where for the children to stay route.
Just used-move this Friday-using my choice home buy through swaythling.
House cost £160,000
RBS mortgage £86,400
My Choice Equity-£76,600.
Blooming hard work but done it at last.

HJS86

Anyone been through this scheme successfully and then sold their property for another one?

In a few years time, (when the market recovers and we can get a mortgage for more than 85%) we want to sell up and pay off the MCHB section of our mortgage.

Just wondering if this causes a big a headache as it did to actually go through the scheme?

Thanks