Found my dream home - but won't have my deposit for 6 months!

GDB2222

jd0963 said:

Hi all,
Just a bit of background - myself and my partner have been saving for our first home for 2 years now. We both have lifetime ISAs and have a good amount saved in them.
We have recently seen a house in the area we want to live that is currently for sale (it was first listed in February this year, then reduced in October) and we are in love with it. It isn't a new build.

The only issue is we won't have the deposit needed for the house for another 6 months! We don't have any family that would be able to help us out with money either so it will just be a case of us saving as much as we can each month.

This might be a stupid question but is there anything we could do to maybe reserve the house? Is it possible that the process of buying might take longer than 6 months anyway so by the time it comes to exchanging we would have the deposit? It's also been listed now for the majority of the year so there is a chance it might still be available in 6 months time anyway, I just know we will both be disappointed if it goes before then!

I appreciate any advice with this. 

How much are you prepared to pay for an option?

robatwork

Firstly it's dangerous to house hunt when you're miles off being proceedable, for this very reason.

Secondly you could visit, talk honestly to the vendor and say if it's still on the market in 6 months and the market hasn't moved, you will pay full asking price.

Thirdly this forum is littered with people who found their dream house, it fell through, and they found something "even better" afterwards. So don't despair.

[Deleted User]

Do you have any deposit at the moment?  Perhaps there is a way of getting with smaller deposit that you dont realise

söpöpöllö

We found our "dream house" before we were proceedable. We loved the pictures and it ticked all the boxes. It was still available when we were able to start viewing, so of course that was the first one we viewed. It was nothing like we had imagined. It needed far more work that was clear from the pictures and everything was just too small. And we didn't get the famous feeling.

You can easily build up houses in your mind and in reality it's not necessarily what you want or need, so don't get too upset if it sells. There will always be houses, even dream ones.