urgent advice: Whos lying "ownhome"

rngeena

ones the mortgage application is passed from the co op bank then you are going to be on that rate. We went for 5 years fixed at 4.9%.I think it the final letter from ownhome officially making the offer. I did actually got the initial acceptance letter saying the fund has been secure til july 2009. Apparenetly they gave you 3 months to find a home and they secure the money for 3 month. I agree that it is a slow process. It is nearly 5 weeks now since our offer has been accpeted but still 2 to 3 weeks to exchange.
In my opinion from the time the offer gets accepted til the exchange one should be looking at around 8 to 12 weeks til the exchange and completion.

mary4kids wrote: »

Nice to hear some positive posts about this scheme. I have no idea how long it takes. Didnt even know you had to ait for an ofer from ownhome. I thought when you sort mortgage that will be it. I dont understand why dont they make it a bit faster once the ball start rolling:rolleyes:
If the interest rates goes up we cant afford it anymore. We are hoping to get 10 years fixed mortgage with the rate 4.9%.

superfran_uk

mary4kids wrote: »

Nice to hear some positive posts about this scheme. I have no idea how long it takes. Didnt even know you had to ait for an ofer from ownhome. I thought when you sort mortgage that will be it. I dont understand why dont they make it a bit faster once the ball start rolling:rolleyes:
If the interest rates goes up we cant afford it anymore. We are hoping to get 10 years fixed mortgage with the rate 4.9%.

Be careful, the 4.9% rate is only available if you take the whole 40% - for us 40% of our maximum price (£195k - so £117.6k) took us to beliw our minimum mortgage (about £128k), so don't rely on this rate! We had to take 30% at 5.99%, there were no other options available to us.

rngeena

I have taken total of 40% from ownhome so it should be fine.Our house price is a bit higher than your 221000, so i needed to take the whole 40%.

superfran_uk wrote: »

Be careful, the 4.9% rate is only available if you take the whole 40% - for us 40% of our maximum price (£195k - so £117.6k) took us to beliw our minimum mortgage (about £128k), so don't rely on this rate! We had to take 30% at 5.99%, there were no other options available to us.

superfran_uk

rngeena wrote: »

I have taken total of 40% from ownhome so it should be fine.Our house price is a bit higher than your 221000, so i needed to take the whole 40%.

That is fortunate - I am just saying that before you have the figures in your hand you can't bank on it!

I have noticed that there have been a lot of comments on this forum complaining about Ownhome, and when you look into it it's primarily because people went in without doing research or with unrealistic expectations.

mary4kids

superfran_uk wrote: »

When we applied to Moat for MCHB they included details about OwnHome however upon reading all the information they sent us, it was clear that it was a separate scheme which you could apply for as well, which we did by phoning the number, waiting for a letter and then scheduling an appointment.

It sounds like you did not read your literature fully. If you are thinking of buying a house this is definitely something you will need to improve upon!

Hello
Its sounds like you know what you ar talking about. I am still confused though. I applied something on that web site:rolleyes: and it was called ownhome. What did I apply for:D I received a letter from my4walls and it says :

Thank you for your application for ownhome.

I am pleased to tell you that your application has been assessed and approved, subjct to financial assessment.

I have sent your application to ownhome(places for people). The next step is for a financial adviser from co-operative bank to contact you to carry out a telephone financial assessment. Please only contact places for people if you have not heard from them within 6 weeks.

Places for people. Telephone:08456070110

www.ownhome.co.uk

Following your financial assessment places for people will let you know if you have ben accepted and if accepted how much funding you have been allocated.

Note that i you ar home owner and hav your name on a mortgage you must have a sale agreed on your property.

Also please be aware that we only accept mortgage calculations to maximum of 3-4 times salary.

Your sincerely

My 4 walls


Its been 14 weeks and they never contacted and when I called places for people they didnt even know about my 4 walls and I applied there and then to places for people but they said there is 10 weeks waiting list