Mychoice Homebuy - Confused!!!

LouB06

As for the deposit... we were told by one of the financial advisors on their panel that we wouldnt need a deposit, just enough to cover fees etc. But we have our appointment with the FA tomorrow to get our mortgage decision in principal so I will find out more info from him and let you know!!

April2009

LouB06 wrote: »

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!

Thanks for your reply!!
We sent our form a few weeks ago, but I suppose with the bank holiday it may take awhile longer.
I did call them recently and they said they were looking at applications from March still, so I guess its abit of a waiting game.

Did you say you have applied for the mychoice homebuy scheme?
I have had a look on the website and we seem to be eligible for the schemes. Do you know if they are quite picky when it comes to the eligiblity criteria though?!

LouB06

April2009 wrote: »

Thanks for your reply!!
We sent our form a few weeks ago, but I suppose with the bank holiday it may take awhile longer.
I did call them recently and they said they were looking at applications from March still, so I guess its abit of a waiting game.

Did you say you have applied for the mychoice homebuy scheme?
I have had a look on the website and we seem to be eligible for the schemes. Do you know if they are quite picky when it comes to the eligiblity criteria though?!

Well we are first time buyers, earn approx £36000 joint per annum, and only have enough savings to cover fees, etc and we got accepted.

I think as long as they can see you cant afford to buy a home without help then you will be accepted!

We've been to see the finacial advisor today and we've been told we can have a mortgage for 3.2 x joint salary which isnt too bad! And i think the maximum loan we can get from thames valley housing is approx £47000, so the apartment we are looking at is just right!! We're off to see it again tomorrow and TVHA have told me that if we like it we can make an offer!

It all seemed very confusing but now that we've spoke to the FA, it has all become slightly more clear!

As soon as you get your acceptance pack, get an appointment with one of their IFA's that they list in the booklet and get the ball rolling!

April2009

LouB06 wrote: »

Well we are first time buyers, earn approx £36000 joint per annum, and only have enough savings to cover fees, etc and we got accepted.

I think as long as they can see you cant afford to buy a home without help then you will be accepted!

We've been to see the finacial advisor today and we've been told we can have a mortgage for 3.2 x joint salary which isnt too bad! And i think the maximum loan we can get from thames valley housing is approx £47000, so the apartment we are looking at is just right!! We're off to see it again tomorrow and TVHA have told me that if we like it we can make an offer!

It all seemed very confusing but now that we've spoke to the FA, it has all become slightly more clear!

As soon as you get your acceptance pack, get an appointment with one of their IFA's that they list in the booklet and get the ball rolling!

We are in the same situation then - so hopefully we will have a chance of being accepted!
It is all very confusing! Thank You for your replies and I hope all goes well!!

GazLFC

are their certain lenders that accept mychoice loans as a deposit or is it all lenders?

Thanks

LouB06

April2009 wrote: »

We are in the same situation then - so hopefully we will have a chance of being accepted!
It is all very confusing! Thank You for your replies and I hope all goes well!!

You're welcome!! Feel free to ask any questions at any time! It's good to know that you have someone who is one step ahead to ask!!

We had our offer accepted today on the apartment we want!! Yey!!!!

Now for the really stressful part to start!!!

LouB06

GazLFC wrote: »

are their certain lenders that accept mychoice loans as a deposit or is it all lenders?

Thanks

Well when we saw our FA the other day he showed us a list of all the lenders and there was quite a large variety of lenders on the list!!

I'm guessing there are a few who dont... I'm not 100% but I'm sure he said that Abbey don't.

April2009

LouB06 wrote: »

You're welcome!! Feel free to ask any questions at any time! It's good to know that you have someone who is one step ahead to ask!!

We had our offer accepted today on the apartment we want!! Yey!!!!

Now for the really stressful part to start!!!

Congratulations!! How exciting?

I called them yesterday after days of trying (apparently they had been on training courses!)
They were going to track my application as I sent it via email and get it processed so should hopefully hear within the next few days.
We have gone through catalyst for the SODC Equity scheme (which is a new scheme) I did also ask about the my choice homebuy to and he said it all depends on what is avaliable at the time of our application?

sideslipmike

Hi Guys,

I applied to a company called Home2own requesting to go on the register for the Ownhome Scheme and MyChoicehomebuy, mid March and with-in a week i recieved a reply saying my application was sucessful, however i would be contacted as and when there was available funding via either companys, so far i have had nothing from either? Should i contact Mychoice and ask if they have my details and request a pack that everyone else seems to be getting?
Like most people its becoming a frustrating game waiting to see if we can be eligable for funding even though the chancellor has now just piled 80million back into these schemes for 1st time buyers?

Any advice is greatly appreicated guys as i have been watching people progress on these threads.

diamondg_2

we have applied for my choice home buy and have been accepted but we still waiting for our application to been given the go ahead and get funding for the property. but it has been 8 weeks.