FTB found a house we like but a bit short!

hazyjo

Are you looking to pay the asking price? People usually offer under. If you're only £4k short, you might well be able to make that up just with an offer.


(Also agree with 12 weeks average from offer to completion.)


Jx

Niki777

My boyfriend and I are FTB and we put an offer in and had it expected without a mortgage in principle - we had already met with a broker though, and were able to get the MiP confirmed the day the offer was accepted - they waited until that came through to take the house off the market.

That was a month ago and we're now in the middle of back and forth's over surveys etc. - so far the only money we've actually paid out is £235 for the lender's evaluation, and we'll be paying a few hundred for a structural report later this week. Our deposit includes some loans from parents which we haven't got in our accounts yet - nobody has asked us for proof of deposit although the lender did ask us to name anybody gifting us money to contribute.

Similar to you, we're slightly short if you include all fees on top of deposit, but we've factored in having a couple of paydays between now and completion (if we don't find out the place is falling down before then!).

POPPYOSCAR

Niki777 wrote: »

My boyfriend and I are FTB and we put an offer in and had it expected without a mortgage in principle - we had already met with a broker though, and were able to get the MiP confirmed the day the offer was accepted - they waited until that came through to take the house off the market.

That was a month ago and we're now in the middle of back and forth's over surveys etc. - so far the only money we've actually paid out is £235 for the lender's evaluation, and we'll be paying a few hundred for a structural report later this week. Our deposit includes some loans from parents which we haven't got in our accounts yet - nobody has asked us for proof of deposit although the lender did ask us to name anybody gifting us money to contribute.

Similar to you, we're slightly short if you include all fees on top of deposit, but we've factored in having a couple of paydays between now and completion (if we don't find out the place is falling down before then!).

This is the point.

Buyers with MIP in place are taken more seriously.

always_sunny

POPPYOSCAR wrote: »

This is the point.

Buyers with MIP in place are taken more seriously.

Sometimes. I had a MIP and to be honest I did not use it. It was good to know for my own self awareness but estate agents were not interested at all.

Only one agent asked about my 'financial' position but that was because they wanted to know how much I would be willing to go up with my offer.

To the OP though, if you are are tight with cash, you might be better to wait, even though the process could take 2 or 3 months and you could slow it down (i.e. be late with supplying documents, etc) you need to have extra cash when buying cause for one thing or another you will need cash there and then.

That's SE though.

Zeni

Thanks for the replies. Interesting to see that actually to begin with there isn't much involved putting money down wise.We know we will have the rest of the cash in a few weeks once OH bonus comes in (to be honest we've factored in having more than we will prob need but no that lots of things will pop up!) so was worrying it just wouldn't quite work in the short term but I think we can do it if we want to go for it.

POPPYOSCAR

always_sunny wrote: »

Sometimes. I had a MIP and to be honest I did not use it. It was good to know for my own self awareness but estate agents were not interested at all.

Only one agent asked about my 'financial' position but that was because they wanted to know how much I would be willing to go up with my offer.

To the OP though, if you are are tight with cash, you might be better to wait, even though the process could take 2 or 3 months and you could slow it down (i.e. be late with supplying documents, etc) you need to have extra cash when buying cause for one thing or another you will need cash there and then.

That's SE though.

Not my experience.

Son has just sold and bought. All the estate agents wanted to know if he had a MIP in place.

When he made an offer on his property he had to show the estate agent his MIP offer.

Perhaps it depends how the property market is in a particular area. Estate agents do not want to have to re-market a property due to time wasters and as the poster above said the house was not taken off the market until their MIP was in place.

omariqy

I imagine it depends on the area. Some areas are ripe with competition for properties and therefore agents/vendors ask people to verify their financial position.

wjr4

We didn't have a MIP/DIP but knew roughly what we could afford. Offer was accepted, DIP the next day. Estate agent never asked financial information and I wouldn't have given it to him!

Regarding the money, as mentioned above - solicitor searches £300 approx., survey was £600, added the mortgage valuation fee (I think it was) to the loan.
Home insurance was paid annually just before exchange. Had to pay 5% deposit just before exchange (about 9 weeks after the offer was accepted).
Remainder of deposit (we paid just above 5%), solicitor fees & stamp duty were paid just before completion (about 12 weeks after offer was accepted).
Our first mortgage payment (Nationwide) was more than the usual payment, which we had budgeted for.

Hope this helps!