FTB advice - Homebuy, OwnHome, etc...

laura_ketley

Hi,
I'm a FTB trying to get onto a government scheme such as My Choice HomeBuy. Obviously this has now closed for new applications, and we have applied for OwnHome and are on the waiting list for a telephone appointment. We are a little concerned that we may be rejected at the mortgage stage as we've heard they can be a little...fussy (to be blunt!) does anyone know of any other scheme that is running? We've heard of My4Walls too but I've heard there are a lot of problems with that.
Does anyone know of any other schemes? Or has anybody heard any whispers about when MyChoice may reopen?
Thanks for your help in advance!
Hope you are all having a great day!
:money:

superfran_uk

To be honest, all mortgage companies are being 'fussy' at the moment. What are your circumstances? It's always worth a try, nothing ventured etc etc... Don't think that any other schemes have funding at the moment I'm afraid!

laura_ketley

hi! thanks for your reply! We actually aren't that bad, i have a credit rating of fair (only thing bringing it down is my modest overdraft of a few hundred pound) but we are worried that hubby may have a black mark against him because he missed a couple of payments on bills when he lost his job 10years ago. When I checked my credit rating it only mentioned things for the last 6 months, however people have said the Co-Op have rejected before on one missed payment a decade ago, hence where are worries come from.
does anyone know how far back the Co-Op goes when checking credit?
Thanks!

xxx

laura_ketley

*bump*! (sorry, just hoping for an answer!)

superfran_uk

There's a whole thread on Ownhome just above - most of this has been discussed a number of times there so take a peek. The only advice I can say is unless they are CCJs or defaults (which would disqualify you immediately) - apply, but don't start viewing until you have everything cleared - that way you won't have your hopes up too high.

There are great forums here on how to get your credit ratings higher - both of you need to be on the electoral roll, and if you don't have any credit cards you can get one and start using it for small things and paying the balance in full each month. But yes, as I said there is a whole heap of advice over in the correct forum about that.