Getting a new build mortgage
There can be many benefits to buying a new build property, such as modern features and low maintenance due to it being a new house. From a mortgage perspective there are a few factors we need to consider and speaking to one of our team is recommended to ensure you are getting the best mortgage available for your new build house.
If you’d like to discuss your mortgage needs with our friendly advisers, get in touch. We offer fee-free consultations so we can see if we’re the best advisers for you.
New build mortgages – what to consider
Developer Incentives: Builders and developers often offer incentives to attract buyers for new build properties, such as covering some of the closing costs or providing upgrades. These incentives can affect the choice of lenders we have to use.
Deposit: As with traditional mortgages, new build mortgages require a deposit, typically ranging from 5% to 20% of the property’s value.
Guarantees: Some new build properties come with warranties and guarantees, such as the National House Building Council (NHBC) warranty, which can provide additional peace of mind for buyers.
Delays: Construction projects can experience delays, potentially affecting the completion date of the property. This in turn can mean we have to get mortgage offer extensions and sometimes re apply.
Our new build mortgage advisers are here to help you understand the new build mortgage process and offer expert advice throughout.
Timing it right
If you’re planning to buy off-plan (a property which has not yet been built), lenders offer mortgages for six-month periods. There’s a risk of your mortgage term ending before the house is built, which is why the timing of your mortgage application is crucial.
We can check with lenders to see if you’re eligible for a longer validity period to protect your mortgage offer. But if this is something you’re worried about with your new home, come speak to us. We understand the nuances of new build mortgages and can use this to our advantage.
One of our advisers will take the time to get to know you and your requirements, using this to tailor advice to your unique situation. Unforeseen delays can be common with new build projects, so it’s important to be aware of for both your application and housing requirements leading up to completion.
Why work with our new build mortgage advisers?
It’s smart to seek advice for your mortgage, as it’s such a big financial commitment. With expert advice, you can rest assured your mortgage is in the best hands. Our new build mortgage advisers aim to simplify the process and ensure your application is in tip-top shape.
Better yet, we have access to every lender on the UK market, placing us in a great position to search the market on your behalf. We’re also fortunate to get exclusive deals, which you might not be able to find yourself without an expert on your side.
Our team are also on hand to:
- Explain how new build mortgages work
- Assess your affordability
- Inform you of costs you might need to consider
- Compare mortgage lenders for you
- Answer any questions
- Secure you the best mortgage terms for the best price
- Provide fair advice and give expert recommendations.
Contact us today and one of our specialist advisors will be in touch to help with your new build mortgage.