Mychoice Homebuy - Confused!!!

LouB06

We've been accepted onto this scheme and we are at the point where we have received our info pack and can start to proceed but I've been reading up on all the info, but there is one part I am slightly confused about and wondered if anyone could 'un-confuse' me!! lol

I was reading that if you need a 100% mortage, then you will need to raise a 5% of the property price deposit to borrow between exchange of contracts and completion???

I understand everything else, but this has thrown me!!!! If i had a deposit, then surely I wouldnt be needing this scheme!!

Can anyone explain this to me?

Thanks!!!

michael1983l

LouB06 wrote: »

We've been accepted onto this scheme and we are at the point where we have received our info pack and can start to proceed but I've been reading up on all the info, but there is one part I am slightly confused about and wondered if anyone could 'un-confuse' me!! lol

I was reading that if you need a 100% mortage, then you will need to raise a 5% of the property price deposit to borrow between exchange of contracts and completion???

I understand everything else, but this has thrown me!!!! If i had a deposit, then surely I wouldnt be needing this scheme!!

Can anyone explain this to me?

Thanks!!!

That is untrue, see my own home no deposit at exchange thread.

R&C

I read that last night and it confused me too. I was wondering if it was referring to some lenders not recognising the equity loan as a deposit or something? will check out michaels thread now!

LouB06

michael1983l wrote: »

That is untrue, see my own home no deposit at exchange thread.

Thanks!

I read your thread and that has put my mind at ease!

I gotta say, I dont know where i'd be without this website! Everyone has answered so many questions, and without that I think i'd be totally lost!!!!!

SelenaLouise

That sounds very strange to me. If you had a deposit you wouldnt need the scheme, I suggest calling them up to check what they mean by that.
Through which housing association?

Some MCHB documentation states that you should have savings to cover legal and moving costs but if the buyer has sufficient savings in order to get a mortgage on your own, I'm not sure why they would accept theose people on the scheme as its designed for those who cant buy lol

Wickedkitten

LouB06 wrote: »

Thanks!

I read your thread and that has put my mind at ease!

I gotta say, I dont know where i'd be without this website! Everyone has answered so many questions, and without that I think i'd be totally lost!!!!!

Bear in mind, that as Michael is on the Ownhome scheme, if you are on MyChoice Homebuy, his info won't help you.

michael1983l

Wickedkitten wrote: »

Bear in mind, that as Michael is on the Ownhome scheme, if you are on MyChoice Homebuy, his info won't help you.

Its still the same process, one chunk paid by your mortgage one chunk paid by the government. So the process will be similar if not the same when it comes to exchange.

LouB06

michael1983l wrote: »

Its still the same process, one chunk paid by your mortgage one chunk paid by the government. So the process will be similar if not the same when it comes to exchange.

I'll check with our FA on Tuesday, but hopefully it'll be the same!

April2009

Hi Loub06

My partner and i recently applied for the home buy scheme (throught catalyst) (about 3 weeks ago) still havent heard back?
I know they have alot off applications to look through, was wondering how long it took for you to hear back?

Do you need a deposit - apart from the 3500 that they say to have to cover fees etc?

April2009

LouB06 wrote: »

We've been accepted onto this scheme and we are at the point where we have received our info pack and can start to proceed but I've been reading up on all the info, but there is one part I am slightly confused about and wondered if anyone could 'un-confuse' me!! lol

I was reading that if you need a 100% mortage, then you will need to raise a 5% of the property price deposit to borrow between exchange of contracts and completion???

I understand everything else, but this has thrown me!!!! If i had a deposit, then surely I wouldnt be needing this scheme!!

Can anyone explain this to me?

Thanks!!!

Hi Loub06

My partner and i recently applied for the home buy scheme (throught catalyst) (about 3 weeks ago) still havent heard back?
I know they have alot off applications to look through, was wondering how long it took for you to hear back?

Do you need a deposit - apart from the 3500 that they say to have to cover fees etc?

LouB06

April2009 wrote: »

Hi Loub06

My partner and i recently applied for the home buy scheme (throught catalyst) (about 3 weeks ago) still havent heard back?
I know they have alot off applications to look through, was wondering how long it took for you to hear back?

Do you need a deposit - apart from the 3500 that they say to have to cover fees etc?

Hi!

We applied beginning of March, and we received a letter end of March saying we had been accepted, but we have only just received our pack and the letter saying that we have to go-ahead to proceed (recieved last Friday) but the main wait was for funding, which was only made available on 1st April. You may find that they are getting through applications received earlier, but they say normally that it takes around 8 working days for your acceptance letter and pack to come through!

I felt like we were waiting for ages!!!! But do not fear! It will come soon!

Might be worth ringing them every now and again... just so you don't go insane!