New Build Mortgage

Published on 12 April 2023

When buying a brand new home, it can be more difficult to get a mortgage. This is because some lenders are concerned about them not increasing in value as quickly as the rest of the housing market. This can mean that you will need a larger deposit. Also working with developers and their sales teams is very different to purchasing from an individual owner. They can have strict purchasing timescales that require efficient and effective processing of the new build mortgage application.   

At 177 Mortgages we have a specialist New Homes team providing the best advice for new build mortgages. Take a look at how we recently helped a customer purchase their first home – which they were about to walk away from believing that they couldn’t afford it!

Client: A young couple had been saving for their first property and had the dream of buying a brand-new home. 

Scenario: After finding their dream home in a new development, they chose to take advice from friends and family and completed their own research online. They were almost ready to give up on their dream of buying a new build home, as they believed they needed at least a 10% to 15% deposit. This was out of their reach, especially with the added costs of stamp duty. 

Challenge: They were struggling to find a mortgage lender themselves that would accept their 5% deposit. And had received poor advice from friends and family. Believing that their only options were those that they could find online. After talking to the developer to tell them that they were not going to be able to proceed, the developer suggested speaking to 177 Mortgages. 

Solution: As the developer’s nominated mortgage and protection broker, we had a great understanding of the development. Thanks to the expert guidance provided by 177 Mortgages’ New Build team, the clients were able to turn their dream of owning a new build home into a reality. The specialist adviser was able to secure a 95% mortgage for the client, which allowed them to purchase the home with only a 5% deposit. Furthermore, since they were first-time buyers, they were exempt from paying stamp duty. 

Outcome: The clients were very pleased with the service they received from 177 Mortgages and praised the specialist New Build Mortgage team for their expertise and professionalism. They were about to walk away from their dream home and the adviser was able to provide the clients with the information they needed. Enabling them to make an informed decision and fully understand the costs associated with purchasing a new build home. 

Many people aren’t aware of the differences in lending criteria between new build and second-hand purchases. So, it’s important to seek the advice of a specialist mortgage broker when purchasing a new build property. 177 Mortgages’ specialist New Build team helps clients navigate the complexities of purchasing a new build home. If you’re thinking about buying a brand-new home – get in touch with us today.

177 Mortgages and 177 Protect are open 7 days a week. We’re always happy to talk through your mortgage, specialist finance and protection needs in more detail. If you’d like to book an appointment or simply find out more information, please get in touch.

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