MyChoice Homebuy Catalyst

kettlewitch

I can't believe how useless Catalyst are - and that there's nothing we can do about it.

I was advised to find a property by my FA before I applied at the very beginning of April which I did. I told them this on my application form, the email and on the phone and about 3 days after emailing the original application, my FA and I submitted the Property Information Sheet. My FA called a week or so later to check the progress and was told that everything had been received and was being processed and it would be 3-4 weeks. Everything else was in place a few weeks later except for Catalyst so I gave them a call - whereupon they told me they had NOT received my PIS, all funding had now gone and, basically, tough luck. My FA and his boss appealed on my behalf - they had clearly lied to us somewhere down the line but they simply couldn;t care less - they know they have no competition and that we rely on this scheme so what is the consequence for them? Apparently my FA's boss had had two or three other very similar cases and knew of lots of instances where they had gone back on their word.

As a result, I lost my flat and feel so disillusioned by the whole thing. Catalyst are impossible to deal with - they never give you the same answer twice in a row, never call you back like they say they will, never have the right person to speak to and were also ignorning my FA's calls. But who can you complain to? It's such a lost cause and they know it.

Apparently they promised extra funding for Homebuy in the Budget this year?

Twyford1

Twyford1 wrote: »

We have the perfect house and I'm worried about everything going wrong. (or more wrong!)

We lost the house. The sellers solicitor accepted an offer behind our back. They exchanged yesterday. Gonna try and find another house ready for when Catalyst give the go ahead on the first one, apparently this happens fairly often and they should give us time to sort it out. We'll see.

Chris2685

The whole Homebuy scheme is a load of crap... Been through all that myself and pulled out because it was just too stressful really...

Actually saved myself 60k (maybe more now) so far by pulling out

Chris2685

Just read that post about the petition for more funding for Homebuy...

Homebuy is an absolute scam designed to prop up house prices when they should fall, making us FTB's stretch ourselves and borrow more than we should be (hence meaning we will end up paying back more than we ever would do if these schemes didn't exist).

HOWEVER, I do see that many people think if the mortgage+rent on the rest of the equity is cheaper than paying rent, then why not go for it?

The reason for me is security, I would rather have money in the bank and rent for roughly the same amount I would end up buying a place for through one of these schemes and wait for prices to drop a bit more (maybe they will maybe they won't) so that I can afford to buy through a 90% LTV regular mortgage.

I really don't think these schemes are worth the bother in most cases. Renting is much less stressful because you should still have the savings you have for your deposit in the bank.

For example, I am renting at the moment and my current account is a bit low to pay the rent this month, but I can tap into my savings (although not ideal) and pay the remainder of the rent. If you get into that position after you have blown all your savings getting a mortgage, then where do you get the money from to pay the rent/mortgage? You can't get it or you need to take a payment break (accumulating more interest over the term of the mortgage) or you need to take another loan to pay the rent... Which sucks...


Anyway, that was a bit disjointed but hopefully puts the point across... I just wish I could articulate myself more clearly as to why these schemes are so crap.

April2009

Twyford1 wrote: »

We lost the house. The sellers solicitor accepted an offer behind our back. They exchanged yesterday. Gonna try and find another house ready for when Catalyst give the go ahead on the first one, apparently this happens fairly often and they should give us time to sort it out. We'll see.

We lost our property too, still waitig on catalyst. we are ion the reservelist - but what does that mean.

Do they let you submit abnother property info sheet? My Fa thought that sometimes you have to go right back to the beginning if ure seller pulls out?

crowdedhouse

No, our vendors pulled out on us too. I spoke to catalyst and they said to submit a new form but explain that house was sold due to the wait and when you submitted first property form. I have given up on them now though. I'm looking into other options at the moment.

April2009

Is anyone on the reserve list and received a letter yet?
I called Catalyst last week and they said we should be receiving a letter within in the next few weeks that will state wether they can help us and we can proceed or not. Still havent received this.
Called them today and they said the letters were all sent on Friday?#

Has anyone heard anything or in the same situation?

crowdedhouse

Hi

I got my letter and it just said I'm on the list and to not call them. They don't know when funding will be available again. Its all the usual rubbish.

April2009

crowdedhouse wrote: »

Hi

I got my letter and it just said I'm on the list and to not call them. They don't know when funding will be available again. Its all the usual rubbish.

Thats exactly what ours said... I would rather they told us where we were on the reserve list atleast then we would know wether to carry on waiting or just to give up on the scheme altogether!

crowdedhouse

I gave up. I have also heard/read somewhere that the scheme will be scrapped so no further money even next year.