Ftb advice needed

wigglers

Been given a Aip by nationwide currently on track to have a 5% deposit by April due to Lisa bonus and saving.
If we look at houses now and find one we like can we make an offer or do we need to wait until we have the full deposit?? Because obviously that won't be until just into April.
And we are very keen to get the ball rolling asap.
Thanks

subjecttocontract

You can try to make an offer on anything you want but the seller is likely to tell you to come back in April when you are able & ready to proceed.

wigglers

The thing is I've read it takes 2/3 months maybe longer to complete doesn't it? But I assume you are saying you must have a full deposit to receive an offer from a mortgage company? If I can show I have x amount would they proceeded with an application sooner with one of the stipulations being at must have the 5% on completion??

ACG

It would depend on the lender you go to. Some will want to see you have the deposit available now. Others may not even ask.

wigglers

The lender is nationwide

RelievedSheff

I would start looking at properties now. It can take a while to find the right property. It is only a couple of months to April, you may not have even found the right property by then, never mind needing your deposit in full.

ACG

https://forums.moneysavingexpert.com/discussion/comment/81862944#Comment_81862944

Nationwide it will depend on the application. Impossible to say for sure as their system produces a list of documents required based on the application. Its normally the same on the DIP as the application so it might be worth trying for a DIP to see what they say.

wigglers

I have an Aip an online mortgage broker did for us with nationwide.

ACG

Does it mention proof of deposit on the DIP? If not, then you should be ok - but not a guarantee.

kingstreet

Ask for a copy of the DIP certificate. If Nationwide wants proof of deposit it will be shown there.

JM68

The main issue is whether you are treated as 'proceedable' by the vendors estate agent. They will normally only advise the vendor to accept an offer and take the property off the market is they consider you to be. With a MIP offer and being close to having the 5% deposit you might be viewed as proceedable because, as you say, the deposit would not actually be apayable until exchange several months down the line. If it were me I would start viewings and if I found a property I wanted to offer on I would offer and see what the 'proceedable' checks conclude. At worst they think you are not and don't accept the offer, for now, but know you are interested.