New Build Mortgages
Getting a mortgage for a new-build property can present many challenges. If you are buying off-plan, you need to get a mortgage offer that will still be valid when the property is complete. If you are a first time buyer, the government’s Help to Buy scheme may give you more options than you thought you had.
Through our partnerships with new build developers we are experts at helping buyers to secure new build mortgages. We can help you to find the right mortgage to get you the property you have set your heart on.
What help is available for new build properties?
If you plan on moving into a new-build home, you might find that few banks are willing to give you a mortgage on a 10% deposit. A Help to Buy: Equity loan from the government can provide funding for up to 20% of the purchase price, however, this would mean that the Government owns 20% of the property until you pay off the loan.
The Help to Buy: Equity Loan is available in England to both first-time buyers and homeowners looking to move. It applies to new-build properties worth up to £600,000 and works by reducing the deposit you pay to five per cent of the property's price.
It's also worth bearing in mind that when moving into a new-build, you'll have to pay Stamp Duty Land Tax (SDLT) - although first-time buyers don't pay any SDLT on property purchases up to £300,000 - as well as legal fees and the cost of valuation, not to mention kitting out your new home with furniture.