What’s best?

[Jlw29]

We’re first time buyers in absolutely no rush to buy, however we have seen a house we love in an area we love! We have enough for a deposit at it’s current price. It has been for sale for 3 months and is over priced slightly compared to the other (slightly nicer) houses down the same street that sold last year. We currently live with family but in a sort of granny anex so no bills, which is probably making this more scary.
We want to view this house just to see if we still love it and then would move forward if we did but we don’t want to rush anything and then feel like we have to find a house soon if we don’t like this one - if that makes sense. So what’s best in this situation? Can we view a house with no mortgage in place or would we be seen as time wasters?

In the current market you’re very unlikely to have an offer accepted unless you’re proceedable, which means a mortgage in principle. You will be asked your position when booking viewings.

Also, I’m unsure how you know you have enough for a deposit on a specific house without a mortgage in principle?

Hi, thanks for the reply. As you can tell I’m so clueless about this. I don’t know for sure I’ve got enough of a deposit but the house is cheaper than I was saying was our top budget so we’ve got just over 15% of the current price and everything I’ve read online says 10% then a mortgage worth up to 5x what you earn? But I’ve been saving to try and be in a good position.
Any advice is much appreciated though!

What do you mean @SaveWaterDrinkGin? Surely anyone can work out 10% of something or have I misunderstood?

OP get a Decision in Principle online. It’s absolutely not a guarantee but it will give you an idea how much you could borrow. Also check your credit history using one of the well known websites to make sure there are no surprises there.

I’d definitely go and view it. You’re absolutely not committing to anything just by viewing. Get your DIP first.

Good luck!

@Hotelhelp sorry, didn’t explain myself very well there. They may have 10% (or whatever) of the current price but if no one will lend them the other 90% at a rate they can afford then that’s no good. Your advice is good.

Ahh yes. That makes perfect sense now.

10% mortgage with a 5x multiplier on your salary sounds like one hell of a stretch!!

You can get an AiP in 10 mins with some banks online. That's all you need to go and do viewings. You can go to another bank for the actual mortgage if you prefer. Having a 15% deposit is great (assuming you have accounted for all other costs such as surveys, solicitor fees etc). A lot of banks will only lend up to 4.5 x joint salary rather than 5 x though, just to be aware. Either way - I'd say go and view the house - then you won't wonder 'what if'. If you like it, be prepared to negotiate and don't overpay. Good luck.

As ftb in no rush you are a first rate buyer imho! Best of luck.