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Buying a new build property can come with its challenges, if the property is being purchased off plan you will likely need a mortgage offer that is valid for longer than usually issued. You may also want to use the government Help to Buy scheme to purchase your property, we can guide you through this process and help you to complete the relevant Help to Buy documents, whilst also ensuring you have a suitable mortgage product.
The UK government’s Help to Buy scheme has been a significant boost for first-time buyers, enabling them to purchase a new build home with as little as a 5% deposit. This scheme provides an equity loan, allowing buyers to borrow up to 20% (40% in London) of the property’s value, interest-free for the first five years.
Developers often offer attractive incentives to buyers of new build properties. These incentives may include covering legal fees, stamp duty, or providing furniture packages. Such incentives can help ease the financial burden associated with purchasing a new build home.
New build homes are constructed with energy efficiency in mind, incorporating modern insulation, double-glazed windows, and advanced heating systems. These features not only reduce utility bills but also make them more environmentally friendly, aligning with the growing demand for sustainable housing.
Most new build properties come with a comprehensive structural warranty, typically lasting ten years. This warranty provides peace of mind to homeowners, as it covers any structural defects that may arise during the specified period.
When seeking a new build mortgage, it is crucial to work with a lender experienced in financing new build properties. Not all lenders offer specialised new build mortgages, so it is essential to research and select one that understands the intricacies of this type of loan.
Mortgage lenders will conduct a valuation to determine the value of the new build property. This process may involve assessing similar properties in the area and considering the development’s reputation. Based on this valuation, the lender will make a mortgage offer, which should align with your financial circumstances and needs.
When purchasing a new build property, completion dates can be subject to change due to construction delays or unforeseen circumstances. Ensure that your mortgage offer remains valid throughout the completion period and any potential delays.
New build homes may have minor issues or imperfections that require rectification. Builders typically address these issues during a snagging process. It is essential to understand how this process works and ensure that the builder rectifies any identified snags before completion.
We had clients who had found their dream new build property, however, the build was not due to be complete for several months. We were able to secure a mortgage offer with a longer validity period to ensure that the mortgage was secure when the property was ready.
First charge regulated mortgages – We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
Second charge regulated mortgages. We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
BTL & CBTL unregulated mortgages. We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
Please note that our recommendations with respect to Buy to Let are restricted to helping you arrange a suitable mortgage. We will not advise you about whether or not the property you plan to buy and let out to tenants, will turn out to be a sound investment.
Insurance – We will provide advice and make a personal recommendation for you after we have assessed your need sand circumstances. We provide an intermediary service and act on your behalf.
Mortgages – We are not limited in the range of mortgages we will consider and offer advice on for you with respect to first and second charge regulated mortgage contracts for both business and non-business purposes, as well as unregulated BTL and CBTL mortgage contracts. In circumstances where you are looking to increase existing borrowing, the following options, on which we may not be able to advise, may be more appropriate: A further advance from your existing lender. An unsecured loan.
Insurance – We recommend products based on a fair and personal analysis for term assurance, critical illness, income protection, family income and non-profit whole of life
There are so many Brokers in the market, what makes Your Mortgage Consultants different?
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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The Financial Conduct Authority does not regulate some aspects of buy to let mortgages.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Your Mortgage Consultants Limited is registered in England and Wales. No. 14109222. Registered Office: 41-43 Market Place, Chippenham, Wiltshire, SN15 3HR.
Your Mortgage Consultants Limited is an Appointed Representative of Cornerstone Finance Group Ltd, which is authorised and regulated by the Financial Conduct Authority.
Cornerstone Finance Group Ltd is registered in England & Wales. No. 08458702. Registered Office: Unit E Copse Walk, Pontprennau, Cardiff, Wales, CF23 8RB.
Your Mortgage Consultants Limited (No. 979284) and Cornerstone Finance Group Ltd (No. 767202) are entered on the Financial Services Register at https://register.fca.org.uk/
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