New Build Mortgages

Award winning broker specialising in new build mortgages, offering free, comprehensive mortgage advice. Available 7-days a week.

Purchasing a New Build Property

Imagine stepping into a brand new home, fresh from the builders ready to be filled with life! That’s the magic of a new build. 

  • Modern Living: Everything is brand new and you have often had an input on interior finishes. 
  • Energy Efficient: Usually new builds are designed much more climate conscious with eco friendly appliances and excellent insulation. 
  • Financial Options: There are plenty of schemes like the 5% deposit scheme to get you on the property ladder.

 

Thinking about buying a new build? Understanding the process and the unique financing options available, like equity loans or low deposit schemes, is essential. Speak to our expert team for how you could buy your dream new build. 

White New Build House

The Buying Process for a New Build

The process of buying a new build is more straight forward than you might think. 

The first step is to assess your finances and get advice from a qualified mortgage broker, who can determine what you might be able to borrow. 

When you have found the property you want to buy, you can make an offer and, if your offer is accepted, you will need to pay a non-refundable fee to reserve your home. After your offer is accepted and you’ve paid the reservation fee, it’s time to start legal proceedings with your solicitor and mortgage broker.

With a new build, you’ll often exchange contracts several months before you can actually move in. This might involve a short stop date and a long stop date, which are the dates when the developer expects work to be completed and when the home has to be completed by respectively.

Here’s an overview of the process:

1

Financial Assessment

Start by evaluating your finances with a mortgage broker.

2

Property Search

Ensure the property is part of any financial aid scheme you’re considering.

3

Making an Offer

Upon acceptance, a non-refundable reservation fee is typically required.

4

Legal Proceedings

Engage a solicitor and your mortgage broker to begin legal processes.

Ongoing Support for New Build Homeowners

Now that you’ve settled into the exciting first stage of homeownership, here are some tips for a smooth transition:

  • Managing Your New Build Mortgage: Stay in touch with your mortgage broker. They can review your deal as market conditions or your needs change.

  • Settling into Your New Home: It’s very normal to have snags when you move into a new build. Make sure you write a list and send them to your builders to get them fixed. 

  • Be a part of the community: Get to know your new community and neighbours! Building connections can make your new place feel even more like home.

Contemporary New Build Home

FAQ: New Builds

Securing a mortgage for a new build should be very similar to any other property. With new build properties there can also be other government schemes like shared ownership, which typically apply to newer properties. If you are unsure whether you can get a mortgage for a new build, get in contact with our team today.

Mortgages for older properties and new build properties tend to not vary in cost. The cost will depend on lender interest rates, fees and market conditions at the time of application.

The minimum deposit for a new build mortgage typically ranges from 5% to 20% of the property’s purchase price. This price should not change depending on if you’re buying a new build or older property.

The amount you can borrow for a new build property will depend on the lender’s criteria, your credit score, and your income. Lenders typically offer mortgages up to 4.5 times your annual income. Take a look at our borrowing calculator here 

New build mortgages work the same as a standard mortgage. The only difference is timing to align with your property’s construction and competition stage.

How does Town & Country Mortgage Services work?

At Town & Country Mortgage Services, we streamline the home-buying experience with our expert guidance, ensuring your journey is in professional hands.

As an award-winning, FCA-registered broker, our free mortgage and protection advice is designed to cater to both first-time buyers and experienced investors. Trust in Town & Country Mortgage Services for a comprehensive and hassle-free home-buying experience.

Michael Roberts
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I am more than happy to recommend Ben and his team to anyone seeking a mortgage, particularly first time buyers, as I felt Ben’s approach was not only consultative but also understanding of the stresses’ surrounding buying a first home.
Elisabeth O'Shea
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Lizzie was fantastic from start to finish!! So Professional, really helpful and super friendly!! She is knowledgable, explained everything in detail and offered me lots of options. Made a daunting task simple and straight, forward taking care of everything behind the scenes.
Sam Ali
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We would genuinely recommend Town & Country to anyone, the care, understanding and bespoke and tailored customer experience has been second to none. It's great to have an end-to-end trusted relationship and Town & Country is our trusted recommendation to anyone.

Free Initial Consultation

We'll discuss your current situation and property aspirations, and assess your borrowing potential to guide you towards suitable mortgage lenders.

Agreement in Principle (AIP)

An AIP is prepared, giving an estimate of your borrowing capacity. With an AIP, you can confidently search for properties within your budget and make offers.

Tailored Mortgage Advice

Once an offer is accepted, we provide specific lender and mortgage product recommendations. We handle all aspects of your mortgage application, ensuring a smooth process.

Michael Roberts
Read More
I am more than happy to recommend Ben and his team to anyone seeking a mortgage, particularly first time buyers, as I felt Ben’s approach was not only consultative but also understanding of the stresses’ surrounding buying a first home.
Elisabeth O'Shea
Read More
Lizzie was fantastic from start to finish!! So Professional, really helpful and super friendly!! She is knowledgable, explained everything in detail and offered me lots of options. Made a daunting task simple and straight, forward taking care of everything behind the scenes.
Sam Ali
Read More
We would genuinely recommend Town & Country to anyone, the care, understanding and bespoke and tailored customer experience has been second to none. It's great to have an end-to-end trusted relationship and Town & Country is our trusted recommendation to anyone.

Discover More in Our Expert Guide.

Embark on your home-buying journey with confidence using our comprehensive First-Time Buyers Guide. This detailed resource is specifically created to guide new buyers through the exciting yet complex process of purchasing your first home.

For free expert mortgage advice call:

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We’ll help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest, mortgage advice. Get in touch today for a free initial consultation.

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