Buying off plan

Tombola1981

Hi,

First timer looking for a bit of advice

I'm not the most clued-up person when it comes to buying homes so bear with me.

Me and my girlfriend have seen a new housing development being built near where we live and would like to buy off plan there if possible. Problem is, the timing isn't the best because we have literally just started saving for a deposit and the opportunity to buy off plan is coming over the next few months.

We've been to a couple of their other developments and have had a look around and pretty much found the house we would like.

Would having a very low amount to deposit affect our chances of buying off plan? Forgive my lack of knowledge but would it be possible (is it common?) to put SOME money down to reserve a property whilst having a mortgage agreed in principal? And while we wait for the house to be built we can save up our deposit?

Also with price negotiation, I think the houses we are looking at will be priced at about £240k. I hear you can benefit from some good discounts when buying off plan. Upto 20%? Does anyone have any experience with this? I was thinking of offering £195k first of all... is this taking the Michael?

Any advice would be greatly appreciated.

Thanks