The new build mortgage market can differ from the main first time buyer and home mover market. The main differences are as follows..
Many lenders restrict their loans to value lending on new build properties when compared to the second hand property market. You may find that you need a larger deposit to put towards your new build property. Your Independent Mortgage Adviser can adviser you on what you will need to know when purchasing your property.
House builders offer different incentives such as paying for legal fees or granting 5% deposits, this make make building a new build very attractive. For more information about help to buy mortgages visit our page.
Peace of Mind
When buying a new build property you need to make sure that it is subject to an NHBC guaranteed. This gives protection to the owner (and the lender) for ten years of faults developing on the property. For the first 2 years, pretty much any problem is fixed. These are called snags in the trade and Barratts (the builders) will have a special team who will go around fixing these “snags” for free. The remaining 8 years is an insurance based cover which looks at major faults only. This is always good to keep in mind when you are building your new build property.
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new build mortgages
There are lots of good reasons to buy a new home. But how does it work when it comes to getting a mortgage? We take a look at the issues you need to be aware of so you’re in the know from the word go
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
A fee of £299 is payable on application. We will also be paid commission from the lender.