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Key worker scheme mortgage - no government budget available ???

:rolleyes:
Hi all, new to this Forum and any help/advice/experience very welcome!!!!

We accepted an offer on our property a couple of weeks ago from FTB who had already been accepted on the Government Key Worker Mortgage scheme - however, on attempting to secure their funds they were then advised that there was "no budget left" ????? ........
we are now both in limbo with no timescales available, we are very happy with their offer (although still accepting viewings) and they love our house and obviously don't want to lose out.

We are in Staffordshire and I would love to hear from anyone who is in similar situation or anyone who can shed any light on this - are IFAs aware??????

Thanks in advance
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
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Comments

  • cattie
    cattie Posts: 8,841 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you do a search on this forum using the words homebuy, you will find a lot of posts about government homebuy schemes that have run out of money.Lot's of sellers & buyer's alike feeling let down.

    Keep advertising your house & don't build up any hopes of this couple being able to proceed with the purchase.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • Leviathan2009
    Leviathan2009 Posts: 110 Forumite
    cattie wrote: »
    If you do a search on this forum using the words homebuy, you will find a lot of posts about government homebuy schemes that have run out of money.Lot's of sellers & buyer's alike feeling let down.

    Keep advertising your house & don't build up any hopes of this couple being able to proceed with the purchase.


    Why should the government be subsidising the deluded dream of owning a house? They are just pumping more money in to keep the market bloated. Even The Economist newspaper called it a lousy idea. And they are pretty Business minded.
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    Part of the Furniture Combo Breaker
    I guess they'll have to go away and save a deposit like everyone else. In the meantime let's hope prices drop some more.
    Been away for a while.
  • PottyHouse_2
    PottyHouse_2 Posts: 373 Forumite
    Thanks for replies - not very positive is it???!!!

    What's the point of it, really ???
    :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    Part of the Furniture Combo Breaker
    The point is for Brown to be seen to be doing something.

    Out here in the real world people will decide if they are being lied to.
    Been away for a while.
  • PottyHouse_2
    PottyHouse_2 Posts: 373 Forumite
    Shame about the bitter and twisted replies .......
    I think Key Workers do an excellent job for their communities and do not get paid nearly enough ..............
    I would rather see my taxes going to a well deserved family to get a foot on the nightmare property ladder than pay for ...... luxuries for criminals in prison, jobless baby factories etc etc etc the list goes on ..... sorry, was I getting on my "high horse" then??!! It must be reading some of these Forum posts !!!!
    :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    Part of the Furniture Combo Breaker
    Define Key Worker.

    Most civil servants earn more than me, but you couldn't live without the things I make.

    Why should one section of society get special treatment, subsidised by the rest?
    Been away for a while.
  • PottyHouse_2
    PottyHouse_2 Posts: 373 Forumite
    You may already know Key Workers include nurses, firefighters, police etc etc who need to live near the area they provide their service for - lots more professions too many to mention.
    You are entitled to your opinion as is everyone.
    My motto is "each to their own"; there is plenty that doesn't get handed to me on a plate but I'm not bitter and I don't revel in other's misfortunes
    :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    Part of the Furniture Combo Breaker
    I need to live in the area I provide my essential medical products. As does the bus driver, office cleaner, and nursery carer. Why no subsidy for those?

    The real point is these schemes are counter productive, as they artificially inflate prices for those they are meant to benefit, meaning your beloved nurse, firefighter, and policeman will end up owning a % of their home instead of the whole thing.

    If you think that is a good thing then that is what you think. I think Key Workers deserve better.
    Been away for a while.
  • Sandra2
    Sandra2 Posts: 63 Forumite
    PottyHouse wrote: »
    :rolleyes:
    Hi all, new to this Forum and any help/advice/experience very welcome!!!!

    We accepted an offer on our property a couple of weeks ago from FTB who had already been accepted on the Government Key Worker Mortgage scheme - however, on attempting to secure their funds they were then advised that there was "no budget left" ????? ........
    we are now both in limbo with no timescales available, we are very happy with their offer (although still accepting viewings) and they love our house and obviously don't want to lose out.

    We are in Staffordshire and I would love to hear from anyone who is in similar situation or anyone who can shed any light on this - are IFAs aware??????

    Thanks in advance

    Hi. We are in Hampshire but I can tell you that we accepted an offer at the beginning of April from people using this scheme and we are still waiting to hear if they have secured the funding so they can book the survey and valuation. They have been verbally told they have the money, have an assigned case worker and got their paperwork in at the end of April so have been told they stand a good chance. People who submitted their details within the last two weeks seems to have been told the same as your buyers - that the money has run out for this year. Some are still submitting applications as there is a chance that not all applications that have already been allocated will complete. Your buyers may be in with a chance if they have their application already in as the HA's are looking at applications where people have already had offers accepted, but in date order so the later they submitted everything, the longer you will have to wait for news. If your buyers have already had the letter saying there is no more money then I'm afraid that they may have to find their deposit elsewhere and let you put your property back on the market. My EA has advised us to keep waiting for the money to come through but take enquiries on the property so if our buyers are not successful we at least have the details of people who would be interested in coming to view. This may be an idea for you also. It is a horrible situation to be in and I think this scheme is terrible for buyers and sellers alike, key workers or not. Good luck.
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