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Offering without a full deposit...

Soldierearth54
Soldierearth54 Posts: 231 Forumite
in House buying, renting & selling
Hi,

What's the process if you want to put an offer in on a house but don't have the full deposit yet?

I remember asking my FA this a while back and he said something about an agreement in principle (although my recollection could be off).

Anyhow - how do I proceed?

Thanks
«13

Comments

  • anselld
    anselld Posts: 8,721 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Unless you are very close and expect to be able to save the remaining deposit in the time to complete then there is no point making an offer as it would not be able to proceed.
  • ging84
    ging84 Posts: 912 Forumite
    Part of the Furniture Combo Breaker
    you get a mortgage agreement in principle, they will not normally require any proof of saving, you just declare what you have, or in your case what you intend to have a deposit
  • anselld
    anselld Posts: 8,721 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ging84 wrote: »
    you get a mortgage agreement in principle, they will not normally require any proof of saving, you just declare what you have, or in your case what you intend to have a deposit

    That is getting an AIP though, not making an offer.
    At the point of making an offer most vendors/agents would wish to confirm both mortgage AIP and source of deposit to ensure that the offer was proceedable.
  • Soldierearth54
    Soldierearth54 Posts: 231 Forumite
    anselld wrote: »
    Unless you are very close and expect to be able to save the remaining deposit in the time to complete then there is no point making an offer as it would not be able to proceed.

    The time to complete would be the time agreed between myself and the vendor therefore I would set a time period where I would expect to have the full amount
  • Soldierearth54
    Soldierearth54 Posts: 231 Forumite
    ging84 wrote: »
    you get a mortgage agreement in principle, they will not normally require any proof of saving, you just declare what you have, or in your case what you intend to have a deposit

    Thanks - how do I get an agreement in principle? FA/lawyer?

    Does this cost?
  • Soldierearth54
    Soldierearth54 Posts: 231 Forumite
    anselld wrote: »
    That is getting an AIP though, not making an offer.
    At the point of making an offer most vendors/agents would wish to confirm both mortgage AIP and source of deposit to ensure that the offer was proceedable.

    I suppose that's why I am asking as I expect vendors would want to know you are able to go ahead but I'm keen to know whether procedurally you can make the offer and set a date of entry with the vendor
  • anselld
    anselld Posts: 8,721 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    mickp67 wrote: »
    I suppose that's why I am asking as I expect vendors would want to know you are able to go ahead but I'm keen to know whether procedurally you can make the offer and set a date of entry with the vendor

    Procedurally yes. But if you were a vendor and you had two buyers, one proceedable today and one on a promise which would you choose?
  • Soldierearth54
    Soldierearth54 Posts: 231 Forumite
    anselld wrote: »
    Procedurally yes. But if you were a vendor and you had two buyers, one proceedable today and one on a promise which would you choose?

    Very true...

    The house in question has been on for a while and they have just reduced the price therefore I feel they are getting desperate.
  • jbainbridge
    jbainbridge Posts: 2,034 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Either you can or you can't buy the house ... which is it?

    If you can't , then don't offer. Simple.
  • Yorkie1
    Yorkie1 Posts: 12,606 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    How far off the required deposit amount are you?

    How long will it take to save the outstanding amount?
This discussion has been closed.
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