Welcome to this edition of the Town & Country New Build Newsletter. This monthly update will have some highlights of the latest products available, details of current schemes, as well as the latest industry news.
Skipton building society has extended the term for new build mortgage offers to 9+3 months.
The society is changing the length of validity on its offers to nine months, with the ability to request a three month extension if the build completes in that time. The previous limit was six months with a six month extension period.
The change assists in keeping the new build proposition both relevant and fit for purpose and adds further value to Skipton’s new build proposition. The proposition includes immediate free standard valuation instruction, a dedicated new build support team, no application fees and no completion fees (on selected products).
Kit Malthouse has been appointed housing minister to replace Dominic Raab who has become the government’s Brexit secretary.
Malthouse is Conservative MP for northwest Hampshire and was previously a minister at the Department for Work and Pensions (DWP).
He is the third housing minister since the General Election last year, which saw then incumbent Gavin Barwell lose his seat. He was replaced by Alok Sharmar.
Leeds Building Society is to extend mortgage offers for new build home buyers by up to six months.
As well as this, new build home borrowers and their mortgage brokers will be able to contact a dedicated phone line as part of Leeds’s plans to improve service.
Mortgage extensions will be available across all lending but is expected to be of particular benefit to new build buyers. Hold ups in construction can delay the completion of new builds and therefore the extensions will help if this should happen.
The extensions could save borrowers and brokers on the time, effort and expense of submitting a new application.
Bank of Ireland have launched Help to Buy products within their new business range following an eight month pilot. The launch covers both England and Wales.
Brokers who are registered to submit business with Bank of Ireland for Intermediaries can access a new build range, which includes the governments Help to Buy: Equity Loan scheme.
Santander now allow builders to pay estate agency fees on Help to Buy: equity loan applications as long as the combined amount (with the applicant’s legal fees and/or stamp duty) is no more than 5% of the purchase price.