First Time Buyer- further help needed

peanutsburd

Hi, I've posted previously about a few questions but I'm not again confused...

So we went and saw a plot and development with Miller Homes. We loved it and wanted to reserve, they put us in touch with First Mortgages and they approved us in principle. So we paid £500 fee as it's not being built until February 2019.. They then said we need to get the missives sorted, so we have an appointment with First Mortgages and have appointed solicitors.

We have said from day 1, we haven't got the full deposit saved yet and they have said this isn't an issue as it's not being built until Feb. But now the solicitor says we need to have a full mortgage application done, however I'm concerned that we will be declined because the deposit isn't there. First mortgages said it won't be an issue but I can't help but worry. Has anyone else done this before? We can't get the missives sorted until this happens.

firstbuyer

After Reservation we had a certain amount of days to pay 5% deposit to our solicitor and this was given to the developers straight away.

The other 10% deposit we're putting down isn't due until we complete (not until Nov/Dec)

As far as I'm aware you need to get a mortgage offer and exchanged a certain amount of time after reservation (for New Builds anyway).

jennhg88

This is the second new build we are buying, both times we've had to exchange within 35 days of reservation. So that could be why you need to move to full application?

sal_III

jennhg88 wrote: »

This is the second new build we are buying, both times we've had to exchange within 35 days of reservation. So that could be why you need to move to full application?

The first thing my mortgage broker told me was that this "deadline" is wishful thinking and the Developers are fully aware of that. It was 28 days in my case. I paid the £500 reservation fee beginning of April and the "deadline" on the reservation form was 07.05 then it went to their progression team who got in touch with my solicitor and MB and send me a new form with deadline of 30.05. When this date was imminent and we were still not close to exchange I called the developer progression team and they told me "Don't worry, this date is only a guideline to apply pressure, as long as the application is progressing nicely, like in your case, there is nothing to worry about".

This might not be applicable for your case, but if it's the developer deadline for exchange that you are worried about - give them a call and ask.