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First Time Buyer Initiative-anyone else using this? Problems?
sturgeon
Posts: 396 Forumite
I'm applying for a new build flat with this scheme, and it's driving me absolutely insane. Weeks upon weeks have been spent with the application between the financial advisor and Metropolitan Homes, who I believe are responsible for the First Time Buyer Initiative and other first time buyer schemes around greater london. The big problem right now is that they have decided my disposable income will be insufficient....in 3 years time. This is because after 3 years I'll be paying 1% of the share of the house the scheme is paying for, around £65 a month and also have factored in a totally random mortgage increase in 3 years of £55 despite nobody knowing what deals will be available then.
They are also not considering my pay increase in 2 months time, where I have a letter from my employer stating I'll be getting it, and if they did then even with the rules they're putting in place I will still be over the £200 minimum disposable income per month they deem suitable in order to proceed my application. Currently, I'm £6.36 under. They are rejecting my application, as based on my currently salary, in three years time I will be just over £6 short of what these people decide I should have to blow on anything I like. You see why I'm so frustrated?
Just wondering if anyone else is in the process and if you're having any problems.
They are also not considering my pay increase in 2 months time, where I have a letter from my employer stating I'll be getting it, and if they did then even with the rules they're putting in place I will still be over the £200 minimum disposable income per month they deem suitable in order to proceed my application. Currently, I'm £6.36 under. They are rejecting my application, as based on my currently salary, in three years time I will be just over £6 short of what these people decide I should have to blow on anything I like. You see why I'm so frustrated?
Just wondering if anyone else is in the process and if you're having any problems.
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