New Build
New build mortgages are notorious for being complex, for this reason developers recommend mortgage brokers with specific experience in this field. You can rest assured that we have a wealth of experience dealing with new build purchases from national developers to smaller bespoke homes.
FAQ
Can the developer pay my deposit?
The majority of mortgage lenders will accept a cash incentive from the developer, however further restrictions apply and can vary lender to lender.
My property will not be ready in the next 12 months, do I need to apply for my mortgage now?
Once you have reserved the property the Developer will usually expect you to exchange contracts within 28 days. In order to do this you will need to have a mortgage offer in place. If your property is not going to be ready in the next six months (or longer) it is likely you will need to extend your mortgage offer. The majority of mortgage lenders have an extension process in place, however this could involve a change in interest rate/product or even lender at the point of extension, depending on the available products.
I have a property to sell, can I still reserve a new property?
If you are reliant on the sale of a property for the deposit funds for your new purchase it is likely this will need to be sold subject to contract before the developer will allow you to reserve a new property. There may be alternative mortgage solutions in this scenario which can allow you to reserve before selling your current property. Contact us as you'll want to speak to a New Build Specialist Mortgage Broker who can advise you on the most suitable course of action.
Contact Us
Why not give us a call on 0203 633 4342, for an initial chat with one of our Mortgage Advisors?
0203 633 4342