New Build Mortgage Advice
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Buying a New Build Home
Many people choose to buy a brand new house or apartment because of the many benefits:
- Guarantees: new-build homes come with a 10-year NHBC (or equivalent) warranty covering structural defects and many developers also provide their own two-year warranty.
- Specification/Build Quality: new homes are built to the latest specifications and environmental regulations, so major repairs should be unnecessary for the first few years. They tend to be more energy-efficient, too, so you could benefit from lower utility bills.
- Personalisation: depending on the stage of building it may be possible to choose aspects of your home such as the kitchen units, bathroom, tiles and flooring.
- Incentives: the government's Help to Buy equity loan scheme is available on new homes and the builder may also offer incentives such as cash back or the chance to part exchange your current home.
- Ease of purchase: there's no upward chain when you buy a new build home, so the speed of the move is generally quicker and the associated legal costs can be lower.
When it comes to getting a mortgage for your New Build home, it is much like any other mortgage. The only difference being that some lenders may require a slightly higher deposit. When it comes to having your mortgage ready, timing is crucial and even more so with New Builds with developers often requiring exchange and completions in a relatively short time, and timing your mortgage with your exchange and completion date can make things slightly more complicated.
As with all homes, it is important to decide whether a New Build house is right for you. Just because a home is brand new, it can still have problems which will have to be negotiated with your builder. Make sure you have and look at a range of new developments as well as some older properties to help you decide,
We can not just find you the right mortgage for your New Build but ensure that your application runs smoothly, helping you into your exciting brand new home as soon as possible.