FTB - to be built property

nickinoo

david89999 wrote: »

I don't mind saying what happened in order.
First chose house we wanted, then we had a phonecall from a financial adviser call us about our finances. They then contacted Wimpey and said that we could afford the house we wanted. I think this is to help Wimpey avoid wasting time with people who can't afford the property. Our next job was to get a mortgage offer, and reserve the house. We got a decision in principle from Mortgage company and reserved house with £1000. This guaranteed us the house if we exchanged in 28 days. Wimpey were offering 5% deposit paid to first time buyers, and this was key to our decision making process, as Nationwide would give us a 95% mortgage without us personally having to make any deposit. However we still needed to make a deposit to Wimpey, they wanted 5% (approximately 10k on our house) but we got them to settle for 5k (which included the 1k deposit)
Effectively I am getting the house for 10k below the asking price. To answer some of the "criticisms" above, some of the houses on the state, which is now quite well established are selling at above the price they were paid for, houses prices in my area are going through the roof, and the contract does not appear to be either one sided or the other. I wouldn't have signed it if I had not been happy with it.
One of the benefits of buying as we are, apart from financially, is that the planners are now much more in tune with trying to create a good environment. Therefore the estate has park areas planned in etc etc.
The house was due for completion in September (garage completed this week yay!) but we have now been told that it may be ready as early as the middle of August.
I can easily afford the mortgage, will now have the security of owning my own place, and know that my children will have something when I depart. I strongly suspect they will never be able to afford their own home otherwise.
As I have not brought the house as an investment, but as a home, the worry about house prices crashing does not affect me. Ultimately the house will rise in value.
Good luck. I'd be delighted to offer any other factual information you want, rather than just opinion from people who have probably got the benefit of already owning their own house!

I have a new build Wimpey house & it is brilliant. Hope it all goes as smoothly for you as it did for us. We've had a few minor problems, I have to say that my neighbours haven't been so lucky so I'm keeping my fingers crossed for you.:T