New Build Mortgages

8 January 2022

There are some notable differences between purchasing a new and pre owned property. If you are looking at new build homes then here are some things that you need to know:

What is considered as a new build?

Lenders can class a property that is less than 2 years old as a new build. So if you are buying a pre owned property that is less than 2 years old this will fall under new build mortgage criteria. Contact us for advice.

How are new build mortgages different?

Each lender views new build homes in a unique way and has lending criteria that differs from a pre owned property purchase. This includes the amount of deposit required and how long the mortgage offer will be valid for.

Will a lender accept builders deposits and incentives?

Not all lenders will accept this. If you are being offered a builders deposit or any other incentive such as flooring/accessories then it is important that you get advice from your mortgage broker.

What about schemes such as Help to Buy and Shared Ownership?

A specialist range of products are available on the market for new build assistance schemes. Your mortgage broker will be able to guide you through this and find the best mortgage that is compatible with your purchase scheme.

How do I get a quote for a new build mortgage?

Simply start here and our mortgage broker will contact you with a quote and provide full advice:

Now that you have filled in this form why not find out more about us?

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