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Property/DIY

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Original poster

Would it be crazy to try this?

61 replies

Whuut · 04/06/2021 11:33

Currently renting, tenancy ends in September, baby no2 due in Nov. Wanting to buy our first house. Would we be crazy to try and move before the baby comes? Does it even seem possible?

OP posts:

SnoopsCaliforniaRoll · 04/06/2021 11:37

It seems like a tight window (between Sept and Nov), especially if you end up in a chain. Have you put an offer on a property or has your AIP?

SnoopsCaliforniaRoll · 04/06/2021 11:37

*have your AIP, sorry.

readytosell · 04/06/2021 11:48

Not crazy, but as above it depends on if a chain needs to form, how long you are along the process. Is it just a thought at the moment or have you got your finances in shape and ready to buy?

If you found somewhere chain free, with nothing weird about it (so no major survey issues, legal issues) it should be doable.

Original poster

Whuut · 04/06/2021 11:59

I'm new to it all sorry, what is AIP? We have a deposit ready but not yet a decision in principle. I have spoken to a mortgage broker but don't want to go ahead with the process if it wont be possible as we will then have to wait til baby is a bit older. The 2 month window is very short but if we were to find somewhere before Sept, we could keep paying rent until then and move anyway. I dont know if I'm being totally naive to how long it takes to buy- especially at the moment.

OP posts:

4PawsGood · 04/06/2021 12:00

Moving by November seems ok?

readytosell · 04/06/2021 12:03

AIP (Agreement in Principle) is just another term for DIP (Decision in Principle).

So it sounds like you are at the very start of the process. No reason you can't start the process but as a minimum as a FTB you will be expected to have DIP in place to probably even view a lot of places OR the agents will be pressuring you into talking to their mortgage advisors.

And turnaround times for a straightforward purchase with no chain would realistically be 12 weeks at least, as searches can take a while at the moment depending on the area.

Original poster

Whuut · 04/06/2021 12:09

Ah okay thank you. Yes, I realise we would need a DIP before going any further. The reason I am hesitant is just that I dont want to pay unnecessary fees if we wont be able to move and then have to reapply for DIP. I will also then be on MAT which will affect my income a lot. This would not affect our ability to pay the mortgage though.

OP posts:

Cocoaone · 04/06/2021 12:14

I would think you'd be wise to do it now, before you're on Mat leave and your income takes a hit.

Most AIPs won't affect your credit score as they do soft searches. Get one now, start looking. If you find somewhere by the end of this month that's chain free or a chain that's ready to get going, that gives you 12 weeks until end of Sept. Possible to do - but tight!

Will landlord let you stay on for a month extra if needed?

readytosell · 04/06/2021 12:26

Agree with @Cocoaone , it's going to be tight but should just be about doable if all things go with a fair wind. But you need the DIP and get out viewing pretty much... now!

Original poster

Whuut · 04/06/2021 12:52

Thanks so much, this has all been really helpful. In September our tenancy changes to a monthly rolling contract so would be fine.

OP posts:

RolloTomassi · 04/06/2021 12:55

In your shoes I'd definitely go for it now. Moving will be more hassle once baby arrives, and it might be easier to get an AIP with no nursery fees. If you find something quite quickly, 6 months should be plenty long enough unless you're unlucky. Just stick to a short chain!

RolloTomassi · 04/06/2021 12:56

Sorry just realized your tenancy is up in Sept (I was focusing on the Nvember due date!) Still go for it!

surreygirl1987 · 04/06/2021 13:39

I'd go for it... can you get rolling monthly after current contract ends? Or stay in an Airbnb until house goes through... hopefully before baby arrives? Definitely better to move now if possible.

Original poster

Whuut · 04/06/2021 13:54

Yes, contract goes to rolling monthly so would be fine in that respect.

Does anyone know how drastically me being on mat leave would affect a DIP/how much we could borrow?

OP posts:

eurochick · 04/06/2021 14:35

It depends how much your income is affected.

ginoginellizzz · 04/06/2021 14:37

We've just offered, exchanged and completed in 8 weeks. It can be done.

Original poster

Whuut · 04/06/2021 14:55

My partner is the higher earner- he earns nearly double what I do. My income would half.

@ginoginellizzz Oh wow. That's reassuring.

OP posts:

Hallyup6 · 04/06/2021 20:40

We offered on a property in January and moved in April with a chain of 3. We tried to beat the baby arriving but she was a week old when we finally moved. We could have been quicker but our vendors decided to dick around and bugger off to America (pre covid) for a few weeks. Anyway, it was fine. It's easier to move with a baby than a toddler.

Original poster

Whuut · 04/06/2021 21:53

@Hallyup6 That's pretty good going. Must have been pretty stressful moving after just having given birth. This is baby no2 so already have a toddler! The thought of moving with a newborn and a toddler is scary!

OP posts:

Bluntness100 · 04/06/2021 21:55

Can you not afford to pay rent and mortgage? I’d be looking to offer in June, get out by end of sept and into new place,

Original poster

Whuut · 04/06/2021 22:02

We could probably afford both if there was a cross over. I would rather pay both and get out sooner but I'm not sure it would all happen that quickly.

OP posts:

Zinnia · 05/06/2021 00:15

It's easier to move with a baby than a toddler
This

We moved when DD2 was 6 weeks, sent DD1 (then nearly 3) to DM's for a couple of days! It's not ideal moving with a baby obviously but far better to wait for the right place than move to somewhere that "will do" in order to be there before the baby arrives. Hope you find somewhere good, OP!

Financially I was in an identical position to you and there wasn't a big issue with the mortgage, and we were already paying nursery fees for DD1. But as PP says, better to get your DIP before you have childcare costs to add to your outgoings.

GhoulWithADragonTattoo · 05/06/2021 00:57

I’d start looking now and get your DIP ASAP. You are in a strong position as first time buyers.

Original poster

Whuut · 05/06/2021 07:01

@Zinnia Yeah I really don't want to just rush into somewhere that we dont really like. DS is nearly 2 and goes to my mums a lot already so could probably do similar to what you did. I'd really really like to get somewhere before the baby, it feels like it's now or in a couple of years!

Thanks again everyone.

OP posts:

Cocoaone · 05/06/2021 07:29

Maternity leave might not massively impact the DIP per se, but if you've got two lots of childcare costs (compared to one) it might.

Whereas I'm not sure if you have to declare that you're currently pregnant.... some lenders might ask if you know of any changes to circumstances in the next 3/6/12 months though, in which case you'd have to be honest. But even if you can afford the mortgage with just one wage, you're likely to get a better interest rate if both your incomes are included.

Good luck house hunting!

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