Co-ownership

AWeeCuppaTea

Just to update, we are hopefully completing tomorrow :T

It was meant to be last week but there was a delay with someone else in the chain. Fingers crossed it all goes smoothly tomorrow though & we get the keys at long last!

ShannonSloan

This is what I've got approved so far...

Co-ownership approved and letter received last week.
Mortgage application submitted by broker approved by the bank last week, currently waiting on the underwriters to give the final approval.

Anyone have any idea how long this usually takes? My new build is due for completion at the end of next month!

leemuddywaters

Just got a letter saying they'd be in touch with a telephone interview, that a good thing?

AWeeCuppaTea

Hmm not sure. Didn't have a phone interview myself, but maybe it depends on how busy they are.

Is this the first you heard after submitting your application?

We completed on Thursday last week, 15 weeks from offer accepted. Could have been earlier but we were bottom of a 5 person chain that included a new build as well so took a bit longer.

leemuddywaters

Yeah - mortgage shop emailed to say they'd spoke to co-own and were happy with everything, so the valuation has been instructed.


It says on the letter its a phone interview but can make an appt to go and see them instead if we like.

AWeeCuppaTea

leemuddywaters wrote: »

Yeah - mortgage shop emailed to say they'd spoke to co-own and were happy with everything, so the valuation has been instructed.


It says on the letter its a phone interview but can make an appt to go and see them instead if we like.

Sounds like you're okay then, it's probably just the same as my face to face interview, which was really just explaining the scheme, checking some info and seeing if I had any queries.

Let us know how you get on!

Tracy12345

Hi I just want to jump in here, I'm applying for co ownership on my own and have sent my application in on 22nd April then sent my payment on 5th May waiting on them now to make appointment to Valuate house, vendor has accepted £175,000 but I think it's worth £195 or more .. I only started my job last October -will this go against me as I haven't worked before it .. My credit is 932 which is very good. No defaults . I fit their criteria . But my credit is only showing 19 months is this a problem and has anyone applied for corner ship on their own before , thanks

AWeeCuppaTea

I believe as long as you've been in a permanent job you should be okay.

Don't know how it'll work with regards to P60's, payslips etc. They will let you know what else they need.

They also only seemed to care about credit in the last 12 months so you should be okay there as well.

Good luck.

Tracy12345

Hi thank you for your quick response
Everyone's applications seem to go through quite quickly but mine is very slow, is this a bad sign . I've given them everything they have asked for and more , this has my head spinning and I'm losing patience lol . Can I ring them to ask how the process is coming along ?

leemuddywaters

Got the acceptance from Co-own yesterday on the telephone interview, letter being sent out, Valuation from Halifax being done on the 18th! Only thing can stop us now is the underwriter in the Halifax, fingers crossed