New Build Mortgages
There are a variety of finance options for new build houses. For instance, shared equity could be a possibility. In this instance, the developer shares in the appreciation of the value in the property. Shared ownership with a local authority or developer may also be an option. If the property is suitable security for a mortgage, then lenders may be interested, particularly if the developers are offering discounts. However, not all lenders will accept a builder’s deposit.
In addition, the New Build HomeBuy scheme offers new homes for sale on a part buy/part rent basis. Homes are available through housing associations and you buy between 25-75% of the property value using a mortgage and any deposit you have. Then you pay a subsidised rent on the remainder.
With new-build it is also worth remembering completion deadlines. If your home is unfinished and looks like it may run over the deadline, bear in mind that most lenders’ offers will only last for a six-month period. Some lenders offer specific loans for people looking to buy new build properties, some of which extend the mortgage offer from six months to 12 months.
For a free UK new build mortgage quote, request a call back or fill in our quick enquiry form.
