Hello! My partner and I are hoping to buy our first (and possibly forever) home in Greater London, but we haven’t spoken to a mortgage advisor yet.
We’re probably looking at properties around £600k. We already have about £200k saved for a deposit.
We might also receive a similar amount from our families once they sort a few things out, but we have no idea how long that could take, maybe a year, maybe two or three.
Since we’ve been renting for a long time and don’t really want to wait indefinitely, we’re thinking of starting the search now with the deposit we have and getting a mortgage for the rest. If and when the extra money arrives, the plan would be to put it towards the mortgage and remortgage the remaining balance.
Does this sound like a sensible plan, or is there anything we might be missing that would make waiting the better option?
We will speak to a professional eventually, but I’d love to hear your experiences and opinions too. Thanks!