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New Build Mortgages

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The general definition of a ‘New Build’ property is one where the construction was completed or the property first occupied in the last 24 months.  Some lenders restrict the multiple of loan to value of the property if it is considered a New Build, the restrictions are generally stricter for New Build Flats than New Build Houses.

As with any mortgage application, a Valuation Report will need to be completed on behalf of the mortgage lender on the property even if it is being purposed off plan and is not yet under construction.

Any cash or non-cash incentives offered by the Developer/Builders of the property will need to be declared to us in the initial consultation as lenders require information on such incentives when reviewing your mortgage application.

Cash incentives could include:

  • Cashback deals
  • Stamp Duty paid
  • Payment of Professional/Legal fees
  • If purchased as buy-to-let, any guaranteed rental payments for a specific period
  • Gifted Deposit from the Developer/Builder

Non-Cash incentives could include:

  • White goods (if these are in addition or above the standard specification)
  • Carpets/flooring
  • Curtains
  • Kitchen upgrade (including tiling and worktops if in addition or above the standard specification)
  • Bathroom upgrade (if in addition or above the standard specification)
  • All electrical upgrades, i.e. TV/satellite points, telephone points, additional sockets etc. (if in addition or above the standard specification)

Some Developers/Builders offer part exchange of your existing home for a new property.  Please make sure you mention this to us when discussing your New Build property purchase as this may need to be noted on your mortgage application.

Help to Buy: if you are using the government’s Help to Buy scheme, please make sure that you mention this to us.  If you require further information about the scheme, we will be happy to help.

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