Just six short days since the bomb dropped, we get another email from the letting agent, asking us if we have made a decision. Of course, we have thought of nothing else since last Tuesday. We have gone over and over our finances and what mortgage options are available to two below average salary earners. Not enough for a deposit, and not enough earnings for the mortgage needed.
I left it a day before making the letting agent know that it would have to be a no. To be fair to them, they were very understanding and went through our options with me at length. It was my understanding that the apartment could not go on the market until we reached the last two months of our tenancy, but that is not the case. It can go on the market, but we can refuse to allow anyone in to view until we get to that stage. My initial reaction is to say "I don't want anyone in my home. The owner can wait until August", but where would that have gotten us?
Our idea is to try and stay in the apartment for as long as possible. We have until the beginning of October, but have the option to remain past this date on a periodic tenancy. This works well for us as we are actually considering buying the property we saw (or didn't see) on Sunday! Crazy, I know, but it's what we want.
After much discussion with a mortgage advisor (thankfully, J works in a bank) and an evaluation of our savings, we can just about scrape together enough to buy the apartment. This is with the government backed 20% equity loan from Help To Buy, but the apartment would be ours. I spoke with Taylor Wimpey again and have arranged to go and see the show apartment again on Sunday to have a better look, take measurements and ask questions. An put down our reservation fee if all goes well!!
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