Support thread for first time buyer!

[Mum2Fergus]

Despite my advancing years I hope to be a FTB in the next 6 months, and I have absolutely no idea what to do, when to do it, or who to do it with! Im almost there with deposit and have just discovered the start of a new development in the area Im keen on. Fingers crossed now for a good deal from developer for getting in early (first release will be Spring 2013). Will keep chipping away ar deposit...meantime:

• can you still reserve new build properties with, for example, £500?
• should I pay reserve and then secure mortgage, or get mortgage (approved in principle) first?
• if I reserve too early, am I likely to lose out on extras-carpet, turf, appliances, etc?

Questions, questions...sure I'll have many more lol

TIA x

[Mum2Fergus]

Ok, appt Monday to enquire about mortgage being approved in principle. Does anyone know how long it is valud for? Also, if I get it, will I still have to do the affordability thing with the developer before they will accept reservation?!

[AlexanderS]

We got our mortgage approved in principle in August and it is valid until December (from Britannia).

Am also a first time buyer, waiting to exchange contracts, but am not buying a new build so can't advise you regarding that.

[mizu]

Wow you must be so excited. We are saving for the deposit - £500 a month which is hard - but it will take us 3 more years i think, by which time i will be 42! Sorry can't help, hope everything goes well.

[Mum2Fergus]

Thanks M, you'll get there...good regular saving habit is a great start, so well done you!