lift open market shared equity scheme

weesie81

good luck i hope they tell you more than they told me today.

as far as i was aware the mortgage promise you submit was the lender you were intending to proceed with as the other 2 were just to be quotes?

so if you get approval for scheme you can still then choose who to borrow from?

Abcynthia

Hey
Just to reassure you...yes you can still choose who to borrow from.

My Halifax lady said the same as yours....However they did word it as I'm not aware AS OF YET
However they said if we could get a deal sorted now then we could lock it in place and wouldn't let that change affect us if it did happen. I wouldn't worry about it too much because you will have options! Skipton building society is an option for us that I didn't even think of so don't go worrying, there will be someone out there wanting to help

JEWISHPRINCESS

Do the mortgage lenders class family tax credits and child benefits as income? Also, it it worth using a broker? Lol I haven't even received my application pack and I'm already freaking out!

weesie81

fingers crossed you get yours through in time before they change it.

HBOS took our tax credits into consideration, as for who to go to i have no idea i seem to have messed up.

as for me i am back to drawing board, am going to try first mortgage tomorrow to see if i they can find me a lender that i can borrow £79k with no deposit as thats amount we were borrowing from HBOS otherwise i need to find £3950 which seems impossible just now.

Abcynthia

Don't panic guys! Don't worry about it until you get your acceptance letter. The process is so slow anyway you have plenty of time. The house you find has to be confirmed by lift before you can even put in an offer. It look likes its gonna be a week between us finding the house and getting to actually put in an offer because of all the backwards and forwards between everyone and only then will we actually get to look into applying properly for the mortgage.

iscrimger

Abcynthia wrote: »

Don't panic guys! Don't worry about it until you get your acceptance letter. The process is so slow anyway you have plenty of time. The house you find has to be confirmed by lift before you can even put in an offer. It look likes its gonna be a week between us finding the house and getting to actually put in an offer because of all the backwards and forwards between everyone and only then will we actually get to look into applying properly for the mortgage.

This concerns me and has done since day 1. The time the process takes to confirm a property is suitable and I'm guessing it's just checking the property has the correct number of apartments - I am curious if the Offers in the Region or Offers Over price will play any part.

When I do send them the details I plan on emailing them the details then calling them. I'm not hanging around, then I'll be off to the bank.

I got my letter months ago, I think I have 5 weeks left to have an offer accepted.

JEWISHPRINCESS

I feel for you iscrimger.

Well I've just spoke to Halifax about a mortgage. One advisor told me child tax credits and child benefit would be taken into consideration. Another told me they wouldn't.

One told me I would need a 5 percent deposit on my share of the property. The other informed me I would need a 5 percent deposit on the whole purchase price. Why do they tell me different things?

Is anyone else finding one person tells you one thing and another something else?

Abcynthia

I have to agree with Iscrimger
We emailed our details through first. I find to get to speak to anyone it is easier to email them because when I phone it just rings out and no one picks up. Our house was accepted using the email/phone method within a day or so. We are starting the offer process on Monday with our solicitor but we are going for a fixed price property which is slightly easier. The broker told us he had a lot of fun getting some houses accepted with things like conservatories....The whole does it count as a room or doesn't it problem.

JP I've only dealt with one lady at the Halifax so I can't compare. I wouldn't worry too much yet. Get some appointments with lenders and have a chat with them face to face they will try and help.

weesie81

JP get yourself to RBS according to first mortgage direct they still do not require a deposit unfortunately they will not lend us even nearly as much as HBOS were willing too. I would not ring them go into branch and speak to someone.

Am so pleased you have found a house and i hope iscrimger that you find something in time too.

It stops here for us i think whether we are approved or not we cannot find anybody to lend what HBOS were going too and we simply cannot come up with the £4k deposit

good luck everyone x

Abcynthia

Don't give up yet weesie....Wait until you get your letter through then see what happens. Go to an independant whole of market adviser and they may be able to help. Don't give up...hang in there!