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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 Shared Ownership scheme.
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:
Shared Ownership
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’.
Deposit Unlock
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.
You may also find our article “8 Tips for buying a New Build Home” useful.
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 1% but a typical fee is 0.3% of the amount borrowed.
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