My Choice Homebuy Mortgage advice

llh189

I applied for my choice homebuy last year using the FA in one of my local estate agents, I was one of the first people that he had dealt with on the scheme and whilst was a really nice bloke I felt that it was a learning exercise for him and by the time we both got used to the scheme it ran out of money.

I am more than aware of the pitfuls of the scheme and maybe thought at the time that I had a lucky escape however house prices have fallen quite a lot where I live and my local scheme has now got funding and I am beginning to look again at houses and intend to use the scheme.

Today I rang one of the recommended FA that came with my letter he sent a form detailing my outgoings and came back to me early this evening and said that I can only look for a house up to 150k and get 50% from my choice homebuy leaving my mortgage at 75k.

In October the my choice homebuy people said that I could get a mortgage for 112k, I queried the difference with the guy on the phone as there is a really big difference between 75k and 112k and I know the scheme makes you take the full amount you can take.

This is my fourth attempt at trying to buy somewhere and don't want to waste time and money and save my stress levels - so I suppose I am looking for some advice about how the scheme works in terms of rating my affordability I just can't believe there is such a big difference.

Any FA's out there who could offer some advice.

Thanks very much!

Wickedkitten

They will have tightened up their mortgage lending since October probably right along with the rest of the banks and building societies.

llh189

The 75k / 75% split is actually better for me as it works out 120 per month cheaper than my rent I just can't bear to go through the process again just to be disappointed I just want to know all the facts before I start down this road again!

Tiddler_2

I've just had a quick look on the Metropolitan Home Ownership (the body controlling mychoice homebuy) and it states that there is currently no funds available on the scheme except in the North West which has funding for 4 homes.

http://www.mho.co.uk/information-centre/mychoicehomebuy

You'd be aswell speaking to one of the companies referred to on the website as their panel financial advisers, as it is a complex area.