Mychoice Homebuy - Confused!!!

lisylou_2

Hiya
After personal experience, most Housing Associations have allocated all funding for 2009. I found a house checked there was funding, had offer accepted, sorted mortgage, only to receive a letter saying there was still funding available but could we put our search on hold until we receive a letter to say we can start looking again as they have been inundated with applications!

On phoning Housing Assoc saying that I had had my offer accepted on a property they said to send it in as they didnt want to let anyone down who had had their offers accepted. On speaking to IFA he said he'd heard their was no funding left with our Housing Association, so I spoke to them again and was told to still send my application in. My IFA said again he was really sure it had all been allocated, so again I phoned only to be told this time that they had received 200 applications in one day and that I could still send in application but it would take approx 3 weeks and not to commit to spend any money as they are not sure there will be any funding available! After speaking to IFA he reckoned that it was highly unlikely we would get the funding and that if we had to wait 3 weeks to get a decision we would lose the house anyway. He has had people who have spent money on Valuations who thought they had the funds only to be told they havent.

We are very lucky we have managed to get a mortgage, we had to find 15% deposit & Fees £41K in total! I must say it wasn't easy at all! & it all has to be paid back! Luckily we had 10% to start with so it was only another £16K we had to find! (only I say! its a lot of money!) Try RBS 0800 0560567 they do an affordability check, to make sure you can afford it, but I found they would lend us alot more than any other mortgage company. We have also decided to go with Interest only mortgage for now as it is cheaper and will help us pay back what we have borrowed to get the deposit! I think they may also do 90% mortgages, I cant remember why we didnt qualify for a 90% mortgage. Give them a call they may be able to help you so you dont lose your house also at least you will own 100% of the property too. I never thought we would be able to get a mortgage for what we have, we live in greater London so properties are so expensive, so we had to buy now to get back on the ladder.

If you want a trusted IFA contact Sharetobuy.com, they are fantastic! They give you brilliant advice and even told me to go to RBS as they couldnt get me as good a rate! How many IFAs would say that! So you know if you get a mtge through them they will get you the best deal!

Hope this is helpful.

lisylou_2

JulieIFA wrote: »

hi everyone
a girl i work with and her boyfiend have chosen a property and gone through keyhomes east for the my choice home buy scheme and have been told the government funding has run out. Does any one know when the govenment funding will be replenished? they have until Wed 20/05 to find the funds if not they will have to withdraw from the property

any help/knowledge would be gretefully received

I have heard government have not got any more funds to put in! If they can get hold of a deposit get them to call RBS on 0800 0560567 they may be able to help as i think they do 90% mortgages and lend more than other mortgage lenders. Hope this is of use.

April2009

lisylou wrote: »

I have heard government have not got any more funds to put in! If they can get hold of a deposit get them to call RBS on 0800 0560567 they may be able to help as i think they do 90% deposits and lend more than other mortgage lenders. Hope this is of use.

How much of a deposit would we need?

LouB06

April2009 wrote: »

what is happenin about the property you have put an offer on?
i feel bad that we have to put an offer on a property that we probably wont even get, it just seems so much hassle.

We have a meeting with our FA tomo so might see what he says.

Well, they have now found our paperwork and have verbally agreed with us that we have been allocated the funding.

I've updated the estate agents so that they know that we are eventually getting somewhere.

We have an officer assigned to our case now and she is checking our property details tomorrow.

I wouldnt give up on it just yet if I were you! It's worth keeping on at them... you may eventually get somewhere!!!!

magicuk

just seems to be wasting everyones time, u start looking as they have funds start of april (thames valley housing) they u find something u want, think about putting an offer, call them to confirm and now told they have a back log and wait for 4 weeks, then people on here are saying they have running out of money according to other sites, just sending people in circles! if anyone has any more info please let us know!

Sandra2

We were told by our buyers on Friday 8th May that they were using the My Choice scheme through Thames Valley for their deposit on our house and that there was an administrative backlog of 2 weeks. Having read the posts on here I have been chasing them for more information. We now know they were approved in April when they put the offer in and saw their IFA and got mortgage sorted to put the paperwork into Thames at the end of the month. The people we are buying from were supposed to exchange on the 22nd May which looked reasonable at the beginning of April when this all started but as you can imagine we have had to stall them until the Thames application is approved. As we were unaware at the time that our buyers were using the homebuy scheme we have paid our mortgage application fee, survey, valuation etc as the information we had was that our buyers were also at the same stage. It was only when the survey still hadn't been booked when ours was all done that they finally said the delay was due to the funding application. All very stressful! We are now in a position that the people we are buying from could lose their new home which would mean we would lose theirs and our buyers lose this one - and all because this Homebuy process takes weeks and weeks and weeks and the rest of the home buying process doesn't. EA in particular want things hurried along - guess they have had some lean months! Developers too want to sell new builds if people want to buy them so we are under considerable pressure. The Homebuy scheme seems really unfair on everyone as it makes people pay out for application fees to IFA's and mortgages etc and to have to have an offer accepted (thus meaning someone else pays out for the same if they are buying) only to be left weeks later not knowing if any of it is going to happen. Our buyers have assured us Thames have told them they have got the money and it is just a backlog of applications so I am trying to remain positive.
We are hoping to find out more information soon and will post anything we find out.

Wickedkitten

Ouch, they really should have told you from the beginning they were using this scheme, especially if they knew you were in a chain.

lisylou_2

April2009 wrote: »

How much of a deposit would we need?

I know that they definately do 85% mortgages so if you could get a 15% deposit together, but give them a call and see if they do mortgages with 10% deposit. Good luck.

lisylou_2

Sandra2 wrote: »

We were told by our buyers on Friday 8th May that they were using the My Choice scheme through Thames Valley for their deposit on our house and that there was an administrative backlog of 2 weeks. Having read the posts on here I have been chasing them for more information. We now know they were approved in April when they put the offer in and saw their IFA and got mortgage sorted to put the paperwork into Thames at the end of the month. The people we are buying from were supposed to exchange on the 22nd May which looked reasonable at the beginning of April when this all started but as you can imagine we have had to stall them until the Thames application is approved. As we were unaware at the time that our buyers were using the homebuy scheme we have paid our mortgage application fee, survey, valuation etc as the information we had was that our buyers were also at the same stage. It was only when the survey still hadn't been booked when ours was all done that they finally said the delay was due to the funding application. All very stressful! We are now in a position that the people we are buying from could lose their new home which would mean we would lose theirs and our buyers lose this one - and all because this Homebuy process takes weeks and weeks and weeks and the rest of the home buying process doesn't. EA in particular want things hurried along - guess they have had some lean months! Developers too want to sell new builds if people want to buy them so we are under considerable pressure. The Homebuy scheme seems really unfair on everyone as it makes people pay out for application fees to IFA's and mortgages etc and to have to have an offer accepted (thus meaning someone else pays out for the same if they are buying) only to be left weeks later not knowing if any of it is going to happen. Our buyers have assured us Thames have told them they have got the money and it is just a backlog of applications so I am trying to remain positive.
We are hoping to find out more information soon and will post anything we find out.

I think you maybe ok if they submitted everything to TVHA in April,as apparently they are prioritising. They are not taking any further applications, I decided to get a mortgage & 15% deposit together (not so easy!) as I was told my application could take approx 3 weeks, (which I took would be alot longer!) and even then they couldnt guarantee there would be any money left! as they had had 200 applications in on 1 day in May, so at least they should be at the front of the queue. Could they not get written evidence that everything will be in place?

Good luck

lisylou_2

magicuk wrote: »

just seems to be wasting everyones time, u start looking as they have funds start of april (thames valley housing) they u find something u want, think about putting an offer, call them to confirm and now told they have a back log and wait for 4 weeks, then people on here are saying they have running out of money according to other sites, just sending people in circles! if anyone has any more info please let us know!

I wouldn't hold out for TVHA thats who we were going through, as Ive said 200 applications in on 1 day in May and they cannot guarantee funding! (IFAs told their clients to get in quick as funding was running out) My IFA told me he had heard they have allocated all the funding! and Ive also heard that the government havent got any more money to pump into it!