When can we look?

Jennifer_Davey · 4 March 2016 at 10:48AM

Hello Everyone,

So after struggling with credit history and getting to the point where getting a mortgage was a outrageous dream the impossible happened and Natwest granted us an AIP. We are over the moon!

However we are now wondering at what point we can start looking for a property. We know we will have the full deposit and fees on our top affordability by June/July. Can we start looking now? I have heard different things from different people and wasn't sure if its ok to put in an offer if we don't have the full amount but know we will?

Advice appreciated

xxx

lorien71 · 4 March 2016 at 11:03AM

To be honest, i don't really see the point in looking until you have the money to afford it.

You can start looking in order to get an idea of what you will get for your money etc, but you wouldn't be able to put an offer in without having the finances to pay for it first.

Jennifer_Davey · 4 March 2016 at 11:49AM

Ah i see.

We just thought that because you're not required to pay the deposit until completion we'd still have the time between an offer and then to gather the rest?

~Beanie~ · 4 March 2016 at 11:50AM

I wouldn't look just yet either. What would happen if you viewed a property tomorrow and fell in love with it? You can't really put an offer in and then ask the vendor if they could wait until July when you should have saved enough money!

A sale can go through in about 8 weeks which would be the beginning of May, 2 months too early for you.

lorien71 · 4 March 2016 at 11:54AM

~Beanie~ wrote: »

I wouldn't look just yet either. What would happen if you viewed a property tomorrow and fell in love with it? You can't really put an offer in and then ask the vendor if they could wait until July when you should have saved enough money!

A sale can go through in about 8 weeks which would be the beginning of May, 2 months too early for you.

This!

The purchase of a property can take between several weeks and several months to complete. You need to have the money ready otherwise the vendor on your dream house may pull out of the sale because you're not ready to take the next step.

tidds · 4 March 2016 at 12:13PM

To an extent I agree, but what's the harm in looking now? Finding a house that's under the top end budget and being able to purchase in a few months with the available funds then? Only you know exactly what you can afford now and what you can afford then. If it's clear cut and you have to wait until July then don't start looking until May. If however the properties you want are varying in budget then look now with a realistic budget.

Jennifer_Davey · 4 March 2016 at 12:46PM

Thanks everyone! Really appreciate the advice. We're gonna hold of until after April payday so if best case scenario it took 12 weeks to complete then we'd be ok!

Thanks again,

Jenn

tidds · 4 March 2016 at 1:18PM

Good luck

lorien71 · 4 March 2016 at 1:26PM

Best of luck!

audigex · 4 March 2016 at 3:25PM

Jennifer_Davey wrote: »

Ah i see.

We just thought that because you're not required to pay the deposit until completion we'd still have the time between an offer and then to gather the rest?

True, but you will have to be able to prove to the mortgage company that you have the deposit at the point you apply - which will be within a couple of days of having your offer accepted. The mortgage company isn't interested in "We'll have the deposit in 3 weeks"

The point to start properly looking is when you have the funds available, or at the earliest when you're entirely sure you'll have them available by the time you put an offer in: which realistically means probably a week before you'd have the full deposit available. Don't make an offer until you have the full amount, but you could start doing some serious viewing.

That's not to say you can't start window shopping, gauging prices etc. You could even go for an early viewing a week or two beforehand... just be aware that you stand a good chance of seeing a home you love and then it being sold before you can put an offer in!