First Time Buyers Advice

lturner1990

Morning all,


I am just after a bit of advice, me and my boyfriend are looking to buy out first home this year. We are very excited and have seen a property we LOVE! The only snag is that my boyfriend is in the Army and currently serving 3 months in Kenya so will be due back in July. We won't have the money for the deposit until his return as while he is away his wage will just be building up, we can then add this to the pot and we will have enough to get the ball rolling.


I have approached the estate agents and explained our situation (which was probably my first mistake) and they haven't responded which is understandable as money is money and we won't have the money we need to make an offer until July.


Is it reasonable to maybe write to the homeowners and explain our situation and arrange a viewing? The property was listed on rightmove on March 16th and the price was lowered last week, looks like they are keen to move and I think being first time buyers we may appeal to them(no chain).


As first time buyer we aren't really sure of the etiquette and I haven't had any joy from the estate agents just after some advice moving forward. Thanks.

termhero

Put yourself in the vendor's shoes, they are on the market, presumably keen to sell.


I would suggest the simple answer is, you have to wait until July and you have the deposit. I can't see how anyone will entertain anything otherwise.


Sorry is this isn't the kind of answer you're looking for.

amnblog

Like many first time buyers you are getting over excited.


Is a buyer really going to wait for an offer in July from a person they do not know who currently does not have the deposit or the mortgage? Would an estate agency recommending such an arrangement be doing the best by their clients?


Don't assume the property you have seen is necessarily the best one for you. You need to shop around.


Get yourself set up to deal with this in the summer when you are both available and have the funds to progress.


Patience, Patience.

goodwithsaving

If you don't have the deposit ready, you won't be able to calculate the LTV and won't be able to apply for a mortgage.

If I was a homeowner, I wouldn't wait for you and you should only offer on a property when you are financially ready. Why would they give you leeway over another buyer? As long as there is someone there who will offer as near to asking price as they can get, they aren't going to be fussed over whether it's you or another FTB - or someone else in a good position with the money ready to go.

You may get lucky and find it still on the market in July (depending upon your location) but I wouldn't go building hopes, putting in offers or anything like that.

Maybe keep an eye out for properties but start properly thinking about it in June / July when your boyfriend is on his way back. See an IFA to get an idea of potential scenarios with different deposit amounts, house values, different terms and ideas of repayment costs.

Use this time to take advice from friends and find a good solicitor or conveyancer.

sparks11

Finances aside, and speaking as someone who completely lacks patience! There's more than one 'perfect' house out there. I lost count of the amount of properties I saw on websites that we loved that just didn't cut it for us when we were there in person. We also missed out on a couple of houses we offered on but definitely don't feel like we settled for the one we got, as it was just as perfect in its own way.

So what I'm trying to say is, as others have said, wait until partner is back and you have the finances then go and see as many as you can to get a good idea of what is out there and what you want out if a property.