Easyswitch Mortgages - 08456 800898
New Build Property
You are the first person to cross the threshold, the first person to use the kitchen, the first person to wake up in the house…
Owning a new build home is certainly attractive to many people. Poor insulation, subsidence, crumbling walls with ten layers of paint, lead water pipes: all of these are things of the past in new build houses. Maintenance costs are lower, and new build houses should also be provided with a 10-year guarantee from the National House Building Council. New Build homes should be energy-efficient, space-efficient and able to be personalised entirely to the homebuyers’ tastes.
However, not all new builds have these advantages. Before buying a new build house, prospective buyers should check on build quality, energy-efficiency, light-efficiency and security. Buyers should not assume that because the house is new build they do not need a survey – surveys can save homebuyers money both on the deal and in the future if there are problems.
Mortgage options for new-build houses
There are a variety of finance options for new build houses. For instance, shared equity or ‘equity appreciation’ can be a possibility. In this instance, the developer shares the appreciation of value in the property. Other flexible options exist include extra incentives on new build homes, such as deposit paid by developer. 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.
With new-build it is also worth remembering completion deadlines. If your home is unfinished and looks like it may run over 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 6 months to twelve months.
Typically this type of specific loan can be tailored to the needs of the client, and new build exclusives such as builder incentives can be factored in.
Property Schemes available include :
Homebuy Direct
Rent to Homebuy
New Build Homebuy
Your property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
If you are considering any debt consolidation - Think carefully before securing other debts against your home.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
We normally do not charge any fees for our mortgage advice as the majority of mortgage lenders will pay us a procuration fee for our work. We do offer a fee-based service should you prefer, which will cost no more than 0.35% of the mortgage advance. Any mortgage procuration fee would then be rebated to you on completion. Some lenders do not pay a procuration fee, so we will need to charge you a flat fee for our advice and administration, typically £499. We also reserve the right to charge an administration fee for mortgage applications below £100,000, to ensure that we can earn a minimum of £500 from a combination of commission, fees and other income from a mortgage application. Please ask us for more details.
We can deal with our clients using our Online Mortgage Service, by telephone or face to face. By using our Online Mortgage Service you accept that our Independent Mortgage Advice is based upon the information you have provided us.
Easyswitch Mortgages and Easyswitch Insurance are trading names of Essex Mortgage Centre Limited. Essex Mortgage Centre Limited. Registered office : 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB. Company Registration Number 6009105, registered in England and Wales.
Essex Mortgage Centre Limited is an appointed representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register ( 300866)
Easyswitch Mortgages - 08456 800898
