Hi there

My partner and I are FTB's and applying for the Keyworker Loan. I just wanted to know if anyone else had experience of the application/interview process. We are both losing sleep over it as we don't want to get knocked back and the interview and seminar are next week.
We keep hearing how strict they are and were wondering because our combined salaries (X3) are just over a the £120k (by £100) that they'll loan £30k and not £35k.
Any tips/experiences or help would be great as I'm sure you can imagine alot is depending on this...

Thanks in advance...

They are strict in so far as they apply the criteria strictly. But it's totally transparent and they're not trying to trick you.
There's nothing to worry about. It's about eligibility and available funds, nothing to do with whether they like you or judge you worthy.

hi robo!!

i went through the process and have bought a property.. it was incredibly stressful!! I bought on my own and so am not as fortunate as you with income x2. I managed to beg and appeal and was allowed a 100k mortgage and 50k loan (shhhhhhhhhhhhhhh!!) i would never in amiliion years have been able to do it otherwise..

not sure if they will penalise you over £100 depends on the zone agents i suppose.

have you found a property yet?

good luuck

let me know if you need more advice.. will be happy to help!

Hey Betsy

Thanks for your reply. We have found a property and had our offer accepted. It all depends on the Keyworker 'interview' which we have tomorrow.

It is very stressful I agree and after re-reading the equity information have found they don't give help to flats with leases less than 80 years. We are buying a Share of Freehold, so will this make a difference? There's still a lease but it's for 75 years!

How long did you have to wait to get an answer and why did you have to appeal (if you don't mind me asking)?

Thanks in advance

Robot

hi robo

not sure bout share of freehold my flat had a lease of over 90 years so i was lucky. but it is very restrictive with prices/leases etc etc

i appealed cos basically with the mortgage of 3.5 times my salary they were gonna give me a loan of 40k i think, but i wanted a 100k mortgage and 50k lean (cheeky i know) but i got it (thank god!)

i suppose you have had your interview by now - how did it go?

Hi Betsy

It seemed to go very well. It was all very rushed but they guy assigned to deal with our case was very friendly and helpful.

Looks like we should be able to get the £35k depending on the evaluation and suchlike.

Woo!

well done!!

Is your property chain free? Its just that sometime the scheme can drag out a bit..

I stuck to my solicitor like glue and the lady dealing with m case..

Remember you need to have gas a nd electric checks done so once they have approved the survery you may want to phone him and ask him if its ok to get it done.. cos sometimes you normally have to wait for a letter and that can take 2 weeks (cos of all the other applications) .

Personally I found it easy to do things by phone and then hand deliver or fax the necessary paper work.

Good Luck!!

Let me know if you need any more advice or have any questions