Offering without a full deposit...

witchy1066

if your offer is accepted you will be expected to put in a full mortgage application at this stage,
your lender will want to know where your deposit is coming from and in most cases want bank statements of proof,

if its only a matter of waiting for wages to go into account, that's not so bad , but many would advise you to not only have the deposit and any fee's but at least a couple of months mortgage payments in hand ,

personally if I was in no rush to move and had no other interest in the house , then I might consider but would keep the house on the market ,

how far away are you from full deposit and fee's needed ?

urbanmyth

Find out when the vendor expects to exchange before putting an offer down. If you can't meet that date, don't waste their time.

Yorkie1

mickp67 wrote: »

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

And what happens if the seller's time frame is different from yours? You don't dictate terms; it's an agreement as you say.

As others have said, as soon as you get an offer accepted then you need to be ready to put the full mortgage application in and to be in a position to provide proof of all funds if required.

DevCoder

mickp67 wrote: »

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

And unless the vendor is in a chain where they need to wait until your prescribed time to move out then they will refuse. Most vendors want completion as soon as possible.

Whilst dropping the price might seem like "desperation" it may be them just aligning the price with the current market.

Wait until you have a deposit saved up before wasting everyone's time.

Soldierearth54

jbainbridge wrote: »

Either you can or you can't buy the house ... which is it?

If you can't , then don't offer. Simple.

Thanks for the really useful advice... top notch

Soldierearth54

Yorkie1 wrote: »

And what happens if the seller's time frame is different from yours? You don't dictate terms; it's an agreement as you say.

As others have said, as soon as you get an offer accepted then you need to be ready to put the full mortgage application in and to be in a position to provide proof of all funds if required.

Selective quotations... you forgot to bold the bit where I wrote "agreed between myself and vendor".

Soldierearth54

Yorkie1 wrote: »

How far off the required deposit amount are you?

How long will it take to save the outstanding amount?

about 5K. Probably take about 5 months.

beecher2

Can't see any vendor being happy to wait 'about 5 months' - all you can do is see if it's still up for sale when you're ready to proceed.

witchy1066

sorry OP , no way,
you would have no chance of getting a mortgage offer until you have the 5K and then it would take another couple of months to completion , you are thinking of asking someone to wait at least 7 months ,

forget it until you have the money saved, is good advise ,

Angie_B

mickp67 wrote: »

about 5K. Probably take about 5 months.

What about fees etc? Is the required £5k just for the deposit? Depending on the cost of the house, I would expect you would need another £5k for stamp duty, solicitors fees, moving costs, and a few bits of furnishing if this is your first place.

I cannot imagine the vendor would accept your offer at this time as you are currently not proceedable.