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Buying a new build is an exciting experience – it’s the opportunity to live in a brand new home that is all yours and, in some cases, that you’ve had a hand in designing just how you want. New builds have plenty to offer and with schemes available to help first-time buyers looking to get on the property ladder, they can be more affordable than you think.
There are new build mortgages available, as well as financial schemes, such as Help to Buy or 5% deposit schemes. If you are having difficulty affording a property but you want to buy your home, these equity loan or low deposit schemes can be enormously helpful.
If you’re keen to buy a new build property or you’re unsure if you’re eligible to purchase a new build, it can be beneficial to speak to a mortgage broker who can advise you of what you’re able to afford.
New builds are, as the name suggests, a completely new property that has never been lived in before. Buyers typically purchase a new build off plan, before it’s even been built in some cases, so they can decide factors such as what floors to have or the colour of the cabinetry. For people who like modern homes and want everything to be completely new, a new build home is the ideal choice.
What’s the Process to Buy a New Build Property?
The first step in buying a new build is to assess your finances and get advice from a qualified mortgage broker, who can determine what you might be able to borrow. This will help you when it comes to viewing properties, as you’ll know exactly what you can afford.
The next step is to find the right home for you – if you’re buying a home as part of the Help to Buy scheme, you will need to ensure that the property is part of the scheme. When you’ve 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.
It can be difficult to get a mortgage on a new build, as some lenders set stricter limits on the maximum value of the property they’ll allow customers to borrow on. Additionally, securing a mortgage on a new build can be tricky in that mortgage offers are usually only valid for up to six months.
Speak to one of our award-winning mortgage advisors
There are several home ownership schemes available to help people get on the property ladder if they’re struggling to secure a large enough deposit. The Help to Buy scheme is a popular option that applies exclusively to new build properties and enables you to buy with just a 5% deposit.
Another option is shared ownership, which involves you buying a share of a property and paying rent on the portion you do not own. You can then buy more shares of the property at a later date if you so choose. These schemes have criteria which buyers need to meet in order to be eligible for help with their home ownership – Town & Country Mortgage Services can help you in assessing if you meet the necessary criteria for these schemes.
Whether you’re keen to start the process of buying a new build or you just want to see what your options are, based on your current circumstances, it can be helpful to speak to a professional who specialises in new home mortgage services.
Town & Country Mortgage Services are award-winning, offering free advice for our mortgage and protection advice, so you know what your options are before you begin. Call us today to speak to a member of our team and to find out more.