MyChoiceHomeBuy
MyChoiceHomeBuy funding
A message to Moat customers
29 May 2009
All funding for MyChoiceHomeBuy equity loans is now fully allocated. For the foreseeable future, we will not be accepting new applications for this HomeBuy option.
MyChoiceHomeBuy is one of a number of affordable home ownership options. You may wish to consider other options that are currently available, eg, New Build HomeBuy, HomeBuy Direct, First Time Buyers' Initiative, Ownhome, Resales and Discounted Rent.
Our message to customers who have previously applied for MyChoiceHomeBuy equity loans (dated 15 May 2009) is published below.
We will update the information on this website with any future changes to this position.
Thank you.
15 May 2009
We have received confirmation from the Homes and Communities Agency that no further funding will be made available to Moat to approve any new purchases for MyChoiceHomeBuy. We have already confirmed and committed funding to a number of applicants, however we are disappointed to announce that there is no funding provision for us to assist applicants where such a commitment (of confirmed funding) has not been made.
MyChoiceHomeBuy has been extremely popular and, over the past year, we have been pleased that it has helped a large number of people to get their first foot on the property ladder. It is one of a number of HomeBuy options. We recommend that you consider all the options as these may help with your housing need. Homes are available through other options such as HomeBuy Direct, New Build HomeBuy, Resales, etc. Details of all available HomeBuy options are listed below.
If you have already applied to us for a MyChoiceHomeBuy equity loan, this means that your purchase may proceed only if you have received a letter of approval from us clearly confirming that funding has been reserved for you. If you have not received such a letter, then we are sorry that we cannot proceed with your purchase with MyChoiceHomeBuy due to the limited availability of funding.
Please be aware that the applicant quotation letter does not constitute an offer of funding, neither does this constitute as a letter of approval.
We appreciate that some customers may be disappointed with this news, however we would remind you that MyChoiceHomeBuy funding has always been limited and is allocated on a first come, first served basis, confirmed by us after we review the suitability of properties that customers wish to purchase. Funding is confirmed only at the point when we approve your purchase, in writing, to you.
We would also like to remind you that until your purchase is approved by us in writing you should not incur any costs associated with buying (eg: solicitors, surveys, etc). If you have not secured funding, but have incurred costs, we cannot be held responsible for these.
If you have spoken to a member of Moat’s independent mortgage advisor panel for a mortgage assessment, but have not yet received your applicant quotation letter, this is because we will not be providing applicant quotations for the foreseeable future due to the limited availability of funding.
We hope that this helps to outline the most current position to you and, if you are disappointed, that you will consider other HomeBuy options.
New Build HomeBuy (also known as ‘part-rent/part-buy’ or ‘shared ownership’)
Ownhome
HomeBuy Direct
First Time Buyers' Initiative
Social HomeBuy
Resales
A large number of available New Build HomeBuy properties offered by all housing associations, including Moat, are listed at www.HomeBuyOptions.co.uk.
Thank you for your patience. If you have any questions please email our HomeBuy services team at marketing@moat.co.uk
Your home is at risk if you do not keep up rent and mortgage repayments or payments on other loans secured on it.
Please note that the value of properties can go down as well as up.