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12-09-2011, 03:28 PM
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First time buyer help
Hi, me and my partner have been renting for years as have never been in a position to buy. My in-laws are now taking out a buy to let mortgage which we will be buying our house with. To raise the 30% deposit needed, the in-laws are re-mortgaging a second property they own. We will then be paying the monthly payments for the extra part of the mortgage and the payments on the new mortgage. The situation at the moment is we are waiting for the re-mortgage to go through to get the deposit. Because the second property is a student house, the mortgage company want to see the contracts for all the students. The in-laws are just in the process of filling the house again for the new term so not available immediately.
We have viewed a few houses, we really like one of them. Do we have to wait until the mortgages are sorted before we put an offer in? I haven't got a clue about this house buying malarkey!! The house we like is up for offers over 109,950. Can we still offer less than this? The house has been up for approx 3 months, originally for 115,000 then dropped after 1 month. We viewed the house on saturday, and we would like to go back for another viewing, do we seem too keen if we ask for another viewing straight away? Any advice is much appreciated. 
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13-09-2011, 12:38 PM
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Re: First time buyer help
You do not need to wait until the mortgage has gone through for the in-laws. You would put an offer in and then the agent, shoudl it be accepted, would ask for ID & proof of funds which would usually be an agreement in priciple produced by a mortgage broker or bank.
As far as offering on the house, the guide does state offer over that but there is nothing stopping you offering under. If you think the house is worth less than that, then offer what you wish. The worst that they can say is no. There is no time limit either on going back for a second viewing. The vendor will be pleased you like it but then there is the negotiation stage following this. It is not a dating game, there are no time scales being worked to. If you want a 2nd viewing go and see it again. It might make you change your opinion of the house and you may wish to offer more.
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