Specialised mortgage solutions for new construction properties. Get expert advice on new build lending criteria, incentives, and the unique considerations when buying a new home.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
New build mortgages are specifically designed for properties that are newly constructed or recently completed. These mortgages have unique requirements and often come with special incentives from developers.
Mortgages for properties that are newly built, typically within the last 2 years, or still under construction.
Many developers offer incentives such as deposit contributions, stamp duty payments, or furniture packages.
New builds come with comprehensive warranties, typically 10 years, covering structural defects and major issues.
Lenders have specific criteria for new build mortgages, including loan-to-value ratios, property age limits, and developer requirements.
Most lenders offer up to 95% LTV for new builds, though some may require larger deposits for certain developments.
Properties must typically be less than 2 years old to qualify for new build mortgage rates and criteria.
Lenders may have approved developer lists or require specific warranties and certifications.
Mortgage offers typically have completion deadlines, usually 6 months from offer date.
New build properties offer several advantages over older homes, from modern design to energy efficiency and warranty protection.
New build properties offer numerous benefits that make them attractive to buyers:
Buying a new build property involves a different process compared to existing homes. Understanding the timeline and requirements helps ensure a smooth purchase.
Select your preferred plot and reserve it with the developer, usually with a reservation fee of £500-£2,000.
Secure a mortgage in principle to confirm your borrowing capacity and show the developer you're a serious buyer.
Exchange contracts with the developer, typically 28 days after reservation, securing your purchase.
Monitor construction progress and prepare for completion, which can take 6-18 months depending on the development.
Inspect the property before completion to identify any snagging issues that need to be addressed.
Complete your purchase and receive the keys to your new home, with all warranties and documentation in place.
While new builds offer many benefits, there are important factors to consider before making your purchase decision.
New builds can experience construction delays, affecting your completion date and potentially your mortgage offer.
New properties may have minor defects that need to be addressed after completion, known as snagging.
New builds may be priced at a premium compared to similar existing properties in the area.
Get expert advice on new build mortgages and most appropriate deals for your new construction property purchase.