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New build home mortgage advice
If you are looking to buy a new build home we can help with new build home mortgage advice. At Your Mortgage Expert, our advisers are experts in the new build process and can help advise on the mortgage product for you. We can also discuss the various schemes which can help with affordability such as the Help to Buy Equity Loan Scheme and Shared Ownership.
Simply get in touch with us to speak about new build home mortgage advice today.
What is a new build mortgage?
Most lenders class a new build as something that has been built within the last two years. You’ll apply for a new build mortgage in a similar way to a normal mortgage. However, the process can be more complex.
If you’re buying a new build, there are several things you need to consider when getting a mortgage.
Things you need to consider:
- Your lender will need to know that you are buying a new build. This is because you may need a mortgage that is arranged with a long delay between exchange and completion. Otherwise, there’s a risk that your mortgage offer might run out before your home is ready to move in to and then you’ll need to start the process again.
- With new build homes you often only have 28 days from reserving the house to exchanging. So the sooner you speak to your mortgage adviser to start the application process, the better.
- With most new builds you will need to put down a reservation fee to secure your property. You need to consider this within your overall affordability.
Our team of expert mortgage advisers can guide you through the new build process. We know which lenders have extended offer periods. We can also advise you on which lenders will be able to move swiftly in order to meet the 28 day exchange deadline.
Get in touch today to talk about new build home mortgage advice
Schemes to help you buy a New Build Home
If affordability is an issue with you, you may need some advice on the schemes available to help you purchase a New Build Home. There are three main schemes available to help which are as follows:
Help to Buy Equity Loan Scheme
You’ll need to put down a minimum deposit of 5%, and the Government will lend you up to 20% of the property’s value (or up to 40% if you’re buying a house in London). You’ll then need to take out a mortgage for the remaining amount. The scheme is only available to first time buyers, and regional price caps on the value of the property apply.
With Shared Ownership, you buy a share of a house or flat, usually a minimum share of 25%, and you’ll pay rent on the remaining share. As you’re only buying a percentage of the house, you’ll need a smaller mortgage and deposit, so this could be a good option if you’re on a tight budget. After you’ve moved in you can buy a bigger share of your home. This is known as ‘staircasing’.
This scheme allows first time buyers and home movers to buy a new build home with just a 5% deposit. It’s available across England, Scotland and Wales from participating builders, and is exclusively for new build homes only.
Added to these, some developers offer new build incentives. These might include having your stamp duty or legal fees paid. Lenders will take these incentives into account when considering how much to lend you.
Our team will be able to advise you as to whether new build incentives will impact on your mortgage. They also understand all the schemes available to help you purchase a new build.
Why choose Your Mortgage Expert?
Your Mortgage Expert is a highly rated, family run mortgage broker based in Salisbury. But we can help you no matter where you live in the UK. Our highly experienced team understands the often complex process for getting a new build mortgage. We can help explain the whole process for you and will be by your side every step along the way. We can also put you in touch with our local business partners to help you with your application. We can recommend solicitors, estate agents, removal companies and more.
Get in touch today to talk about new build home mortgage advice.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 2% but a typical fee is 0.6% of the amount borrowed.
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“This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”
Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”
Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me. During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field. This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”
Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”
Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”
Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”
Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”
Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”
Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”
Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”
Chris, Help to Buy Mortgage Customer from Southampton