OpenMarket HomeBuy

rach!_3

hiya
have just been looking into this and we think we want to see if we are eligible. anywayne of the terms is you musnt be in arrears.
well here is the thing, when we first got this house were in council temp accomodation and i was quite ill after having a c section and so we couldnt move in straightaway, which they said this would be ok and they would allow a short time for me to get better and us to move in this was in the end around 6 weeks and then after a while we recieved letters saying we were in arrears which we couldnt understand, anyway turns out this is for the cross over timwhere we had keys for here but didnt live here (i had been told they would allow us to do this with only 1 rent to pay) anyway they didnt have any record of this conversation/promise or whatever, so for the last 3 1/2 years ive been paying it off but still have £150 left to pay.
my questions are
1)do you think if i explained the situation they may accept us
2)does anye have any opinions on how good homebuy is or whatever
i know people will probably say just wait or try and pay it off but the sooner we can maybe be accpeted and get off this awful hellhole estate the better.
thank you in advance for any replies.

emmy05

i dont think this is a problem, although i was put off by homebuy myself, you cant change your mortgage to another lender, you have to get 3 seperate valuations, why not shared ownerships, or is that something youd prefer not to do? shared ownerships prefer you to have at least £2,500 deposit, but there are 100% mortgage lenders, give it a go, and fill out those forms, youre considered for all that they offer, so youd know within a few days of sending it and good luck xx

rach!_3

there arent many homes in our town that are shared ownership and the only one that has funnily been on the market for ages has just been sold when we decide we want to look at it, sods law, huh?
or is there another way of shared ownership that i dont know about?
thanks for your reply

Conrad

In general there are not many lenders that will get involved in shared equity schemes. Furthermore, those that do tend not to accept anyone with adverse credit history, and note that a rent reference may well be sought and or Lawyer to confirm no arrears outstanding on completion.

Life as you know will have other ups and downs in store for us all, so ask yourself honestly whether you can survive a fiancial crisis for example as a result of illness?

I would never recommend people get into a mortgage without a big safety cushion behind them.

Poppycat

I think its the scheme we applied for 2 years ago when you buy a house on the market which is suitable for your needs example 2 kids 2 adults you can get a 3 bedroom house but possible not a 4 or 5 bedroom house. The lender and the government have a equal share along with yourself, any increase in the house they get a percentage of it. Only certain providers will lend you the money too.

We eventually went for a normal mortgage but we had a large amount to out down from sale of our old house

vanilla8

emmy05 wrote: »

i dont think this is a problem, although i was put off by homebuy myself, you cant change your mortgage to another lender, you have to get 3 seperate valuations, why not shared ownerships, or is that something youd prefer not to do? shared ownerships prefer you to have at least £2,500 deposit, but there are 100% mortgage lenders, give it a go, and fill out those forms, youre considered for all that they offer, so youd know within a few days of sending it and good luck xx

This is not the case with me! Who told you this?

I am currently buying a house with open market homebuy (I am a key worker). The scheme is excellent if you have no money for a deposit for a house!

I am getting a mortgage with Halifax, and its the same process as any other mortgage - only one valuation. This is a 2 year fixed rate, and i can change my mortgage after the two years to any other lender.

I am going with the option of 75% mortgage and a 25% government equity loan which is repayable when we sell the property.

Read www.housingoptions.co.uk for more info.

Feel free to ask any specific questions as there are limitations - eg: you cant buy a house that needs a lot of work on it (max £4500 repairs)

emmy05

thats one the poppy,

and where is it you live rach? or just google shared ownerships, you dont necessarily have to a clean credit record either, but you may well have to get a decent sized deposit though ... its always worth just filling out whatever forms you have to fill out, youll get your answers then x

emmy05

vanilla thanks so much for that, i myself shall now go look into it, and many apologies for getting it wrong, i have read about it round here to what some ppl have had to do though, thats all, and is that just for london only, cos im not there, but thanks so much for clarifying that info for me though, thats great x

rach!_3

thanks for that vanilla8
emmy05 we live in bridlington
thought id just put a little more info,
we have just been given a decision in prnciple on a 100% mortgage
just not for enough to get a home to suit our family, we have looked at a repossesed house within our limit but are very doubtful we will get it, all good if we do but we have offered our max as its £50 more than the asking and have been told lots of builders are very interested and with it being a repossesion the company will want as much as possible.
anyway we will be wanting to try for openmarket homebuy if we do lose out on this, as it will probably help us to get something big enough for our family IYSWIM?
i hope s makes sense and i dont just seem to be babbling.

Poppycat

Are you going through thsi with Rowntree foundation Rach? you dont live that far from me.

I had all sorts of problems finding a lender, as there's only a couple Halifax were suppose to yet they knew nothing of it, another lender same. I dont have bad credit rating either i have had a 17 year mortgage with no defaults in that time and no bad debits everr. Yorkshire building society were the only ones locally we had to go to York branch as local on doesn't do it.

vanilla8

Emmy, no worries, i know housing options is the site for london boroughs but there are various other sites for other counties such as MOAT for Essex.

http://www.moat.co.uk/MoatWeb/Homebuy/WhatIsHomeBuy/Open+Market+HomeBuy.htm

I do believe that new schemes are being announced in April, but i think any good local housing authority should be able to help you with any questions. Incidently i am dealing with Tower Homes and they have been great. You go to a meeting where they do explain everything before you start looking.
One thing to make clear is funding is not guaranteed until you find your property - so there is always the risk you find somewhere, and you contact your housing authority and they tell you that the funding has gone until the next tax year!
However i do believe they will be upfront and say to you whether or not there is plenty of money in the pot or not!

Also beware - they do give you a time frame to find somewhere - but this is extendable if you have legitamitly been looking (i think it is to make sure there is no timewasters clogging up the system)

Also one last thing - you need around 4-5 grand saved to pay all your stamp duty/solicitors fees/mortgage arrangement fee.