Am I in a good position FTB?

COYI123

Hi everyone , me and my partner are both 20 , we have around £280-285 to spend , we are FTB , have no chain , do you think we have a good chance at getting a good deal in terms of putting offers in for properties , so if somewhere is listed at £300k say , then we could have a good chance at getting it with our budget ? Thank you ! 

MovingForwards

https://forums.moneysavingexpert.com/profile/discussions/COYI123

Read all your other threads, you've even had brokers comment who have a better idea about criteria and what fits.

If your broker didn't think you had a chance at getting a mortgage they wouldn't have applied for DIPs. Only the lender can say whether or not they will make a mortgage offer. 

Slithery

How much deposit do you have?

Just the fact that you are a FtB doesn't mean that you're in a better position than anyone else, with most properties going for over asking at the moment I wouldn't think you stand a chance of getting a £300k property for £285k.

Many people consider FtB's a worse option than an experienced buyer with a property to sell.

paulj2021

Don’t forget to factor in all your costs and expenses such as legal, removals, buying new white goods etc if necessary. But it sounds like a good sum of money (unless you’re in Central London!)

tink_1983

COYI123 said:

Hi everyone , me and my partner are both 20 , we have around £280-285 to spend , we are FTB , have no chain , do you think we have a good chance at getting a good deal in terms of putting offers in for properties , so if somewhere is listed at £300k say , then we could have a good chance at getting it with our budget ? Thank you ! 

Do you mean offering low on the 300k House or if your budget will stretch? 

If the second you need to speak to a broker.
If first I guess depends on house and if alot of work is needed.
15k drop is more than I'd accept if house valued realistically 

COYI123

Slithery said:

How much deposit do you have?

Just the fact that you are a FtB doesn't mean that you're in a better position than anyone else, with most properties going for over asking at the moment I wouldn't think you stand a chance of getting a £300k property for £285k.

Many people consider FtB's a worse option than an experienced buyer with a property to sell.

Can’t see how that is when every estate agents has been admitting to us we are better than people that are not FTB due to the risk of chains falling through and then your back to step 1. So no your wrong In that part tbh with you , and yes your right about them selling over the AP but their is a lot of places listed for around 300 and not selling instantly , and we have £30k deposit 

COYI123

paulj2021 said:

Don’t forget to factor in all your costs and expenses such as legal, removals, buying new white goods etc if necessary. But it sounds like a good sum of money (unless you’re in Central London!)

Yes course , most stuff I can do as I’m a tradesman, and we have left ourselves still £10+ after we lay our deposit down with fees etc 

RoseGold2021

If you’re hoping to secure a £300k with £285k, unless it’s a ‘fixer upper’, no chance. House prices are going for the full asking price & more, so £285k won’t cut it, am afraid. 

Like someone else said, don’t forget to factor in legal costs, surveys, stamp duty, and any additional work needed to fix things post completion. 

julicorn

COYI123 said:

Slithery said:

How much deposit do you have?

Just the fact that you are a FtB doesn't mean that you're in a better position than anyone else, with most properties going for over asking at the moment I wouldn't think you stand a chance of getting a £300k property for £285k.

Many people consider FtB's a worse option than an experienced buyer with a property to sell.

Can’t see how that is when every estate agents has been admitting to us we are better than people that are not FTB due to the risk of chains falling through and then your back to step 1. So no your wrong In that part tbh with you , and yes your right about them selling over the AP but their is a lot of places listed for around 300 and not selling instantly , and we have £30k deposit 

If you think you're so much 'better' than people in a chain, then why even ask the question here?

To give an answer anyway: If you and a buyer in a long chain both offer £285k and it's the best offer the seller can get, then sure, you might have an advantage over the other interested party. But no seller in their right mind is going to give you some sort of deal/discount, i.e. accept a substantially lower offer from you simply for being a first-time buyer. (There are actually a fair few people on here who'd prefer not to sell to FTBs, but that's a different story)

lesalanos

Don't believe everything estate agents tell you 

Many sellers know the common issues/expectations which come with ftb 

nicos42

I just bought my second home and is a seller s market. It depends how much the seller want to sell fast. I sold my previous home to a ftb but did not accept an offer and it took 7 months to sell so sadly i think ftb at the moment will no longer give you upper hand on negotiating lower prices. just a piece of advice make sure you buy somewhere you love and visit the property a lot check everything. i didnt and i had two miserable years in a house i hated after moving in