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Providing expert mortgage advice for over 27 years.
Providing expert mortgage advice for over 27 years.
Are you dreaming of buying a new build home? Do you want to enjoy the benefits of modern design, energy efficiency, and customisation?
If so, you are in the right place, we are the UK’s mortgage experts, specialising in Newbuild mortgages.
A new build mortgage is a loan that you take out to buy a newly built property, either from a developer or a self-build project. It can be either a repayment mortgage or an interest-only mortgage. The type of mortgage you choose will depend on your circumstances and preferences.
A new build mortgage works similarly to a regular mortgage, but there are some key differences to be aware of:
You need to put down some money upfront to buy your property. The larger deposit you have, the less you need to borrow from the lender. This affects your mortgage eligibility, interest rate, and monthly payments.
For new build properties, lenders may ask for a larger deposit than for existing homes. A typical deposit size for a new build property is 15% to 20% of the property value. However, we have access to lenders who offer mortgages with as little as 5% deposit.
The lender needs to check the value of the property before they lend you money. They do this by hiring an independent surveyor who inspects the property and gives an estimate of its worth. For new build properties, lenders may use different methods of valuation than for existing homes.
You sign and exchange contracts with the seller and pay them the agreed amount of money. For new build properties, there may be a longer gap between exchange and completion than for existing homes, as you may have to wait for the property to be finished and inspected before you can move in.
The lender gives you a formal document that confirms that they have agreed to lend you money under certain terms and conditions. The mortgage offer has an expiry date, which means that you have to complete your purchase before it runs out.
A typical expiry date for a new build mortgage offer is 6 months from the date of application. However, some lenders may offer longer expiry dates or extensions for new build mortgages. We will work with the developer and yourself, to ensure your mortgage offer is valid for the anticipated mortgage date.
Buying a new build home can offer many benefits over buying an existing home, such as:
You can choose the type of home, specification of fittings, material colours, flooring, furnishings, and optional upgrades that suit your taste and preferences. You can also personalise your home with individual features and make it truly yours.
You can benefit from the high standards of quality and safety that new home developers have to meet. You can also enjoy the peace of mind that comes with a 10-year warranty from the National House Building Council (NHBC) or other similar organisations that protect you from any structural defects or faults in your new home.
You can save money and energy with a new build home that is designed to be more environmentally friendly and efficient than older homes. You can expect lower heating bills, better insulation, double glazing, circuit breakers, and modern appliances that reduce your carbon footprint and impact on the environment.
You can take advantage of various incentives that are available for buyers of new homes. These vary from each house builder. We will use our experience to ensure that the incentives are acceptable to the lender and most beneficial to you.
We are experts in new build mortgages and have been arranging them for over 27 years. we can help you find the most suitable deal for your new home.
We offer:
We work with some of the leading new home developers in the UK. If you are interested in buying a new build home and finding the most suitable new build mortgage deal for you, contact us today to book a free appointment with one of our friendly and professional mortgage advisers.
We will be happy to answer any questions you may have and help you make your dream home a reality.
Shared ownership is a scheme that allows you to buy a share of a new home, typically between 25% and 75%. You then pay rent on the remaining share to a housing association. This can be a good option for people who can't afford to buy a home outright.
Home Stepper is a shared ownership scheme that is offered by Sage Housing. It allows you to buy a share of a new home up to 75% of the market value. You then pay rent on the remaining share to Sage Housing. Home Stepper is available on selected new build homes at certain developments.
Homereach is a shared ownership scheme that is offered by Heylo Housing. It allows you to buy a share of a new home up to 75% of the market value. You then pay rent on the remaining share to Heylo Housing. Homereach is available on selected new build homes at certain developments.
Deposit Unlock is a government backed scheme that helps first time buyers get a mortgage with a smaller deposit of just 5%. To be eligible for the scheme, you must buy a home from a participating builder and get a mortgage from a participating lender.
Low Cost Homes (LCH) and Discount Market Value (DMV) mortgages are available for homes that are sold below the market value. The eligibility requirements for homes in this development vary, but we will help you determine if you qualify for the scheme.
This scheme allows first-time buyers to purchase a home for 30-50% less than its market value. We will discuss the eligibility criteria with you.
Green mortgages are designed to help people buy energy-efficient homes.
These mortgages typically offer lower interest rates and more flexible terms than traditional mortgages.
Our friendly and experienced advisors will be happy to help you find the most suitable new build mortgage deal for your needs.
A new-build home is a property that has never been lived in before. It is built on a newly developed plot of land and is typically made from modern materials and with the latest energy-efficient features.
The time it takes to complete a new build project can vary depending on several factors, including the size and complexity of the project, the availability of materials, and the weather conditions. However, most new build projects take between 6 and 12 months to complete.
