Deposit advice

mancdude

Hello, my wife and I are keen to buy a new build under Help to Buy.

We've spoken to a developer and tentatively expressed interest in a plot that is due to be available for reservation in Oct and ready by June 2017.

We're trying to work out finances, however we are unsure at what point we'd need the deposit completely ready?

We're first time buyers so would appreciate any one who has been through the same process advise us. We're hoping to buy with Barratt Homes if that helps.

Thanks in advance

ADJAFC

Its been a while since I bought a new build (2008) but we're in a house purchase at the moment and briefly looked at new builds. Expectation is usually £500 to secure the plot and exchange within 28 days (although completion can be several weeks longer).

The solicitors won't exchange unless they have proof of funds (both mortgage and deposit) so you'd need that all sorted before exchange. What deposit you'll need is entirely dependent on what Barratt request as security (Usually up to 10% I think but others may have more info). Its a bit complicated due to the long wait between reservation and completion on new builds.

On a sub-point, we were told that increasingly builders are trying to delay listing new builds so that this wait could be reduced but I highly doubt that, they want their money.

Best of luck and watch out for the extras, grass, carpets etc are rarely included.