What are
new build mortgages.
Buying a new-build home can be a dream come true, but it’s important to understand the unique mortgage process involved.
New-build homes are often more expensive than older properties, and lenders may be wary of lending on them. This is because new-build properties may be more difficult to sell if the property market turns.
If you’re considering buying a new-build home, it’s important to speak to a mortgage broker early on. They can help you assess your affordability and find a lender that is willing to lend on new-build properties.
New-build homes are often more expensive than older properties, and lenders may be wary of lending on them.
This is because new-build properties may be more difficult to sell if the property market turns.
If you’re considering buying a new-build home, it’s important to speak to a mortgage broker early on. They can help you assess your affordability and find a lender that is willing to lend on new-build properties.
New-build homes
offer a number of unique advantages to homebuyers.
New-build homes offer a number of unique advantages to homebuyers.
- Warranty: New-build homes typically come with a warranty, such as the National House Building Council (NHBC) 10-year certificate, which protects you against major defects in the building work. This gives you peace of mind knowing that your home is covered in case of any unforeseen problems.
- Customization: Many new-build developers allow buyers to choose their own fittings and finishes, such as tiles, carpets, and kitchen and bathroom cabinets. This allows you to personalize your home to your own taste and style.
- No chain: New-build properties are not typically involved in a property chain, which can make the buying process much easier and less stressful. This is because you are not waiting for other sellers to complete their sales before you can complete your own.
- Energy efficiency: New-build homes are typically more energy-efficient than older properties, which can save you money on your gas and electricity bills. This is because they are built to the latest energy efficiency standards and incorporate features such as double glazing and insulation.
f you are considering buying a home, a new-build property is a great option to consider. With its many advantages, a new-build home could be the perfect place to start your new life.
new-build homes
also offer a number of other benefits, such as:
Modern design.
New-build homes are typically designed with modern living in mind, with open-plan layouts and spacious living areas.
New appliances.
New-build homes often come with new appliances, such as a fridge, freezer, washing machine, and dishwasher. This can save you the hassle and expense of having to buy new appliances yourself.
Low maintenance.
New-build homes require very little maintenance, as everything is brand new and in good condition. This can free up your time and money to enjoy your new home.
Before buying
a new-build home
it’s essential to secure a mortgage that can accommodate the unique timeline of a new-build purchase.
This is where a mortgage broker can come in handy. They can help you find a lender that specializes in new-build mortgages and can work with you to develop a financing plan that meets your needs.
One of the key things to keep in mind is that there can be a significant delay between exchange of contracts and completion on a new-build property. This is because the developer needs time to finish building the home. This means that you’ll need a mortgage that can bridge the gap between these two dates.
A mortgage broker can help you find a lender that offers new-build mortgages with longer terms. They can also help you understand the different types of new-build mortgages available and choose the one that’s right for you.
New-build developers
often offer incentives to attract buyers
Such as paying stamp duty or legal fees. However, it’s important to note that lenders will take these incentives into account when considering how much to lend you.
If the incentive is worth a significant amount, such as more than 5% of the property value, the lender may reduce the amount you can borrow.
This could also impact the mortgage rates you’re eligible for, as it will affect your loan-to-value ratio (LTV).
In other words, the more money the developer is offering to give you, the less money the lender may be willing to lend you.
This is because lenders want to make sure that you are not overborrowing and that you can afford to repay your mortgage.
Contact.
LET’S TALK.
To discuss how we can help you please contact us using the details below for an initial chat or to arrange an appointment with one of our Advisors in Cornwall.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED UPON IT.