Potential first time buyer, uncertain about whether or not to take the leap

MS1982

Bit of an update: I've put an offer on a place, and it's been accepted. My AIP and my total savings come to the asking price, with about £800 spare. Obviously this isn't going to be enough to pay for the survey/solicitor's fee/mortgage fee/stamp duty. I can add the mortgage fee to the loan (not ideal, but needs must), and I'm hoping to use a relatively cheap solicitor's outside of London, but the total will probably still come to £3k to £4k. Hopefully before all of this is payable there will be a couple more paydays, and I've also got an overdraft which is free. Is it reckless to go for this? Shall I wait until I can save it all?

redapple1

Maybe something will come up in the survey which will mean you can renegotiate anyway? Solicitors fees can vary massively but if you aren't completing in the next month and can get the rest then go for it.
But what about moving costs? And have the bank given you an offer based on being overdraft free?

MS1982

Bit of an update: that place fell through. But in October I moved into another place. I'm now the proud owner of my own flat (and a £130k mortgage...).

brenda10

MS1982 wrote: »

Bit of an update: that place fell through. But in October I moved into another place. I'm now the proud owner of my own flat (and a £130k mortgage...).

Enjoy your new home, well done