New choice home buy

diamondg_2

Can someone tell me what to expert what the process is from when you send in your property details to keyhomes and also someone mentioned them requiring an expensive survey to be done and not the normal one is this true?

and_another_thing...

Diamondg
Hello - as you work for a Hoembuy agent in the south I was wondering if you could shed some light on the current situation. I applied and was accepted for a My Choice Home Buy loan last summer though as I was unable to secure a mortgage due to credit crunch I was told my application would be put on hold.

I received a letter stating that the money had run out for financial year 08/09 which was fine as I was hoping to resume house hunting later this year. However I have just received an email saying that, as yet, there are no plans to continue with the scheme this year but I will be informed if the government decides to give it the go ahead once again. Any info on whether My Choice Home Buy will be an option this year?

and_another_thing...

OOoops Diamondg you copied a reply from someone else - sorry!
Can anyone answer my question though?

suze_g

and_another_thing... wrote: »

Diamondg
Hello - as you work for a Hoembuy agent in the south I was wondering if you could shed some light on the current situation. I applied and was accepted for a My Choice Home Buy loan last summer though as I was unable to secure a mortgage due to credit crunch I was told my application would be put on hold.

I received a letter stating that the money had run out for financial year 08/09 which was fine as I was hoping to resume house hunting later this year. However I have just received an email saying that, as yet, there are no plans to continue with the scheme this year but I will be informed if the government decides to give it the go ahead once again. Any info on whether My Choice Home Buy will be an option this year?

I'm buying a property via MyChoice homebuy (MHO) in london and they have had funding since April the 1st, though as I had already registered and gone through the process I was able to start looking again and start the process earlier. I'm hoping to complete by the middle of May, and (touch wood) the process has been quite straightforward.

It looks like it varies from area to area. Worth giving them a ring though and asking them?

damianmovinghouse

wymondham wrote: »

why are key workers so special? - i thought everyone had a right to buy their own home?

Hi
i am not a keyworker and have just used the scheme.
I qualified as i , since my divorce , have not had anywhere to acomodate my 3 teenage kids.
Was blooming hard work but i have done it.:j

missaitch

Do you have to have access to a certain amount of money before applying for mychoice homebuy or own home from places for people? I am a key worker (teacher) who is living in a completely unsuitable house. I don't have any savings as after rent/bills etc all my spare cash is going towards paying off debt.
Anyone who knows if I can apply to either of these schemes would really help...

suze_g

missaitch wrote: »

Do you have to have access to a certain amount of money before applying for mychoice homebuy or own home from places for people? I am a key worker (teacher) who is living in a completely unsuitable house. I don't have any savings as after rent/bills etc all my spare cash is going towards paying off debt.
Anyone who knows if I can apply to either of these schemes would really help...

My one you had to have at least 4k in available savings for paying for the move.

And you will need that, as you have to pay solicitors fees, removal costs, mortgage arrangment fees, searches, survey etc. It actually adds up to quite a lot.

missaitch

suze_g wrote: »

My one you had to have at least 4k in available savings for paying for the move.

And you will need that, as you have to pay solicitors fees, removal costs, mortgage arrangment fees, searches, survey etc. It actually adds up to quite a lot.

That's what I thought. There's guidance for one of the schemes but not own choice. Now I have to figure out how to raise the money
Do you have to have access to it at the beginning of the process? Or could I appl and save at the same time?
Thanks for you reply

suze_g

missaitch wrote: »

That's what I thought. There's guidance for one of the schemes but not own choice. Now I have to figure out how to raise the money
Do you have to have access to it at the beginning of the process? Or could I appl and save at the same time?
Thanks for you reply

I had to show I had the savings at the beginning. I think they asked me if I had 4k when I applied.

You then sort of need it as you go along, for the survey/mortgage arrangement etc. Some of the solicitors ask for some of their fee up front etc. They also will look at your finances, and if you could afford it. What I'm paying in rent will double with a mortgage esp when I'm paying building insurance, ground rent as well.

superfran_uk

missaitch wrote: »

That's what I thought. There's guidance for one of the schemes but not own choice. Now I have to figure out how to raise the money
Do you have to have access to it at the beginning of the process? Or could I appl and save at the same time?
Thanks for you reply

Buying a house is an expensive process, all the way through. I guess if you can't raise the £4000, let alone a full 10% deposit, then it might not a good idea to get yourself tied into a mortgage.

But yes, you can apply if you don't have the money (don't TELL them, obviously!) as it takes a while for everything to go through. Obviously you need to know where you can get it relatively soon as they will ask for evidence that you have it when they have processed your application and you have found somewhere you want to buy. Surveys, solicitors, stamp duty... it all adds up

And remember nothing is absolute or guaranteed. We put an offer on a house and the funding (Moat) ran out the same day, so back to square one. :mad: