Homebuy Direct - How long does the process take?

tigaruk

I sent off my homebuy direct stuff about twenty days ago. In that time i've since been asked to provide some more information three times. Im now getting impatient. It seems to take ages for anything to happen to happen. Why they can't do this face to face over the course of half an hour i don't know as its now getting frustrating waiting to hear back for an answer.

Can anyone whos done this provide their experiences of things that went wrong/right and what you had to do?

Cannon_Fodder

There have been stories on here between 6 weeks and 6 months...

Muhasib

Being impatient is really the last thing you want to be with a Homebuy Direct application, you really are at the mercy of the Homebuy Agent as to when it gets processed and how much information they want submitted. Cannonfodder is correct as to the range of timescales.

kaych

We applied for the Homebuy direct scheme too and was approved (but didn't use it at the end). After we sent our application form in with the relevant documents, we received a letter stating that they would respond within 8 days, we were really surprised. but actually we only had our approval after a month or so. still think it wasn't bad at all.

Oh and after a year of your approval, you will need to provide some documents again i.e. payslips even if your circumstances haven't changed at all.

btw we applied to Lea Valley Homes, may be different depending on where you are.

tigaruk

Well that makes me feel a little better, although i was hoping the eight days would be for an answer. Now to just play the long dull waiting game. Did you have any problems or find you needed to resubmit stuff or appeal?

Muhasib

well, from reading other threads on here people have appealed so they can apply for larger properties than they would otherwise be eligible for; ie 3 bed when they are a couple with no children.

The Homebuy agent can ask to see further financial proof such as 12 months bank statements to prove that you can afford the repayments or the opposite which is to prove that you can afford a larger deposit and less assistance from Homebuy. Have you asked your mortgage adviser about the process and in particular how many homebuy applications they have seen all the way through before?