The new build mortgage market can differ from the main first time buyer and home mover market. The main differences are as follows.. 

 

Lender restriction

 

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. 

 

Incentives 

 

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. 

 

 

Call today for your free consultation with a mortgage adviser on 

 

If time is of the essence then please help our advisers to help you by ensuring you have all of the information on our pre-appointment checklist readily available and have completed our income, expenditure & Data couture form. By filling this in before the meeting will ensure we can move faster with your application.