First Time buyers - buying new build off plan

MissL10

Hi everyone this is my first time of this forum and i need some help. Me and my patner are looking to buy our first home and are looking at a new development new us. The have just started the first phase and we have seen a three bed for £189,950 but i'm not sure if this is out of our budget. We have a deposit of about £30,000 to £35,000 and a mortgage of £110, 000 we don't want to get anymore so in total we will have about £140,000 is this not enough to get one of those houses? How do we got about getting a discount and how much could we possibly get?

Many Thanks

Lynda

matty17r

Hiya MissL10,

My boyfriend and I were in a similar situation to yourselves. We are in the South East and the prices for 3 bed town houses are now on for £199,995. We started looking about three months ago and they were willing to take £175,000 after much discussion. You have to be cheeky and put in some offers and you can always up your offer but you cant reduce it. The one we have gone for is not going to be ready until Aug/Sep so we have chance to keep adding to the deposit until then. Do you know when they are going to be ready for? That would allow you to calculate how much more you could save in this time.

Hope this helps!

Michelle

DVardysShadow

Don't exchange contracts for OffPlan unless you have a get out clause for mortgage being withdrawn and a long stop drop dead date on the contract.:

You: "so when will it be finished?"
Them: "by September"
You: "so the contract will be void and unenforceable if it is not finished by December?"
Them: "oh you can't put that"
You: "so what if it isn't finished by December?"
Them: "there is no fear of that"
You: "Good, so it won't be a problem to put a drop dead date in the contract"