Expert Guidance Every Step of the Way
Your property may be repossessed if you do not keep up repayments on your mortgage.
Government Schemes for New Build Mortgage
Government schemes like the First Home scheme, Discount to Market, Shared Ownership, and the Own New scheme provide excellent options for purchasing new build properties. These programs are designed to make homeownership more accessible, especially for First Time Buyers.
Each scheme has its own criteria and benefits, so researching the offerings in your local area is essential. New build developers often highlight which schemes apply to their properties, allowing buyers to explore options that best suit their financial needs and eligibility.
FAQ'S
What are the requirements for getting a mortgage on a new build?
The requirements are basically the same as for a standard mortgage on a non-new build. There is no real difference between the type of mortgage or what’s needed.
Generally at our initial appointment we would look at affordability, check over your credit profile and then get an Agreement in Principle.
How much deposit do I need for a mortgage on a new build property? Any differences for First Time Buyers?
A few lenders will allow you to purchase a new build with just a 5% deposit, while the majority do want 10% – some will even ask for 15% on a new build.
Since the Help to Buy scheme ended last year, more lenders are coming on board offering 10% deposit on a new build. Some builders offer incentives towards the deposit too.
Understanding New Build and Self-Build Mortgage Processes
Mortgages for new builds or self-build properties are accessible to First Time Buyers, though the process may have unique aspects. For self-builds, lenders typically release funds in stages, known as tranches, as the construction progresses. This phased approach ensures the funds are used appropriately throughout the build. While new build mortgages often benefit from a quicker process due to the lack of a property chain, buyers should be mindful of conditions like exchange deadlines and title restrictions associated with specific schemes.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
