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MyChoice Homebuy Catalyst
crowdedhouse
Posts: 54 Forumite
Can anyone tell me whats going on with Catalyst? I submitted my property info form and haven't heard anything. I heard a lot of stories that funding had run out! So I rung them and they said funding had run out and I was on a waitlist. My FA said they are being cautious and they still had funds but would hear in 4 weeks. Who should I beleive?
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I am in exactly the same boat as you. I'm really peed off because you can't get funding agreed until you find a property. So you find a property then they tell you that they've run out of funding so you lose the property. It's ridiculous.
Catalyst told me that any property applications that were submitted before 11th May will either still go ahead or will go on a waiting list. My FA was told by Catalyst not to submit any property applications about a week before this deadline. So at the moment I've just given up.
Catalyst are renowned for being completely useless and my FA told me that the goverment may well stop using them altogether.0 -
crowdedhouse wrote: »Can anyone tell me whats going on with Catalyst? I submitted my property info form and haven't heard anything. I heard a lot of stories that funding had run out! So I rung them and they said funding had run out and I was on a waitlist. My FA said they are being cautious and they still had funds but would hear in 4 weeks. Who should I beleive?
My partner and i are going through catalyst - they have recieved our property details and we are on the reserve list!
i called them yesterday and they said they were unsure what is happening with the reserves list and we should get a letter in a few weeks???0 -
April2009 - When did you submit your property information sheet?0
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My partner and I are going through catalyst, we need a different home due to her disability, do you think our application will be looked at any more favourably because of this?0
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Our were sent back in may. I still haven't even received a letter0
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Our FA sent them last week - i think the reserve list closed at the end of last week so we were lucky to make it onto it.
We did the same. The list did close at the end of the day on the 29th of May. Did they say what the letter would say? Just to confirm reserve list space or better? We have the perfect house and I'm worried about everything going wrong. (or more wrong!)0 -
crowdedhouse wrote: ». My FA said they are being cautious and they still had funds but would hear in 4 weeks.
That would be excellent! An FA at the firm that I'm using (although not my FA) said that it would be about 6 weeks until they need to act again. Don't know if he plucked that number out of the air though.
Every time I have phoned Catalyst (before today) I keep getting told that they have "not run out of funding" and that they have simply "slowed down" the process. I don't know who to believe either!
I just phoned Catalyst. They did receive out property info sheet in time but the guy on the phone couldn't tell me anything else. Nothing at all! Except... apparently they are currently working on property info sheets from mid April. Good news for some.
The company has no official response to questions about funding whatsoever, I asked him directly and he said that he had no knowledge of any official company message about funding. No news is good news? Maybe. I think that this could just be a waiting game, play the odds and hope that the waiting list gets allocated funding in the fullness of time.
They need to shake up the system, why not just provisionally allocate money to each applicant when they register, for a period of perhaps 3 months? Then they would definitely know how many applicants they could satisfy and stop people from even registering if they run out.
Anyone know what happened last year with the reserve list?0 -
That would be excellent! An FA at the firm that I'm using (although not my FA) said that it would be about 6 weeks until they need to act again. Don't know if he plucked that number out of the air though.
Every time I have phoned Catalyst (before today) I keep getting told that they have "not run out of funding" and that they have simply "slowed down" the process. I don't know who to believe either!
I just phoned Catalyst. They did receive out property info sheet in time but the guy on the phone couldn't tell me anything else. Nothing at all! Except... apparently they are currently working on property info sheets from mid April. Good news for some.
The company has no official response to questions about funding whatsoever, I asked him directly and he said that he had no knowledge of any official company message about funding. No news is good news? Maybe. I think that this could just be a waiting game, play the odds and hope that the waiting list gets allocated funding in the fullness of time.
They need to shake up the system, why not just provisionally allocate money to each applicant when they register, for a period of perhaps 3 months? Then they would definitely know how many applicants they could satisfy and stop people from even registering if they run out.
Anyone know what happened last year with the reserve list?
We were told by Catalayst that the letter we will recieve will either say we are on the reserve list or that we have the go ahead to proceed. He didnt say anything about funding running out when i asked?? i dont think they can say much? I think that they should allocate the funding before you sibmit property details makes more sense that way. Atleast you know you are guarenteed it... Its just a waiting game! Just hope the letter brings good news. my Fa said last year everyone on the reserve list was allocated funding because, house prices were dropping alot of people didnt proceed with the scheme so there was enough funding!!0 -
There is a petition on the Downing Street website asking for more funding for MyChoice Homebuy. Thought some of you would like to know.0
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