Hi All,
Looking for advice, im a novice first time buyer who's looking to purchase off plans in the coming weeks with a new phase launching and they will be ready summer of 2018.. The apartments in question are 235k. I am mortgage approved in AIP for 125,500 and have current savings of 85k, 40k of which is a gift from folks
.
They're looking for 5k booking deposit on the day and signing contracts in 28 days, I reckon this could be pushed/delayed for at least up to 3 months with our solicitor if needs be?
My questions are, on the launch day Ill need to show proof of funds and was told by bank not to show the AIP letter for 125,500 and to give the branch manager the unit price when I've sourced a property and he would give me AIP to show that I have mortgage approval for 90% (being a first time buyer). The thing is 235k is out of my budget but I could easily save the shortfall from now till next summer.
So I need to know from you knowledgeable folks on day of launch will I need to produce bank statements showing savings + gift letter or will i need that gift in my account? and exact mortgage approval? will this be sufficient?
When I have to sign contracts in 28 days, must I pay the difference between my mortgage amount and unit price less deposit, or can I waiver lets say 20% until mortgage drawn down on completion ?
Many thanks for advise...
Looking for advice, im a novice first time buyer who's looking to purchase off plans in the coming weeks with a new phase launching and they will be ready summer of 2018.. The apartments in question are 235k. I am mortgage approved in AIP for 125,500 and have current savings of 85k, 40k of which is a gift from folks
.
They're looking for 5k booking deposit on the day and signing contracts in 28 days, I reckon this could be pushed/delayed for at least up to 3 months with our solicitor if needs be?
My questions are, on the launch day Ill need to show proof of funds and was told by bank not to show the AIP letter for 125,500 and to give the branch manager the unit price when I've sourced a property and he would give me AIP to show that I have mortgage approval for 90% (being a first time buyer). The thing is 235k is out of my budget but I could easily save the shortfall from now till next summer.
So I need to know from you knowledgeable folks on day of launch will I need to produce bank statements showing savings + gift letter or will i need that gift in my account? and exact mortgage approval? will this be sufficient?
When I have to sign contracts in 28 days, must I pay the difference between my mortgage amount and unit price less deposit, or can I waiver lets say 20% until mortgage drawn down on completion ?
Many thanks for advise...