When to make an offer

[Ladybud]

First time buyer here.

We have 10% of the deposit but will need at least 15% to be able to get a mortgage (due to income) in our location. We will have the 15% in May.

Would you advice to start viewing now and then offer if we see one that we like?
Or
Would you wait until you have the 15% to start viewing and offer?

Which would you do and why please?

You cannot make an offer until you can prove to your estate agents you have the funds - we had to show both a bank balance with the deposit plus a mortgage in principle from our lender before they would put the offer to the seller. It would s worth looking at the market availability to get a feeling of what properties are being marketed at and how quickly they sell so when your time arrives you can assess how much they are really worth easier

I think you'll have to wait. You'd need to be ready to start the process and if you told agents you didn't have the deposit yet so wouldn't be able to complete until May they wouldn't take your offer seriously.

Depends how long it would take you to save the extra 5%. If it's 2 months then fine, if longer I'd wait

Thanks for the responses all.

I thought since the process is likely to take a few months anyway, might be better to start now. But, it makes sense that the estate agents will want proof of deposit.

Great suggestion @movingonup20 Will take a look at Rightmove.

Yes it would take longer than 2 months @User0ne, should have it by May though so we'll wait until then.

A lot of estate agents won’t even let you view a property unless you are proceedable (e.g. mortgage in place and not waiting to sell your own property) let alone put a offer in...