New Homes FAQs

Your developer will require you to be financially qualified prior to reserving your new home. From reservation we are working to a 28-day exchange of contracts with most developers. You will need to apply for your mortgage as soon as possible. Your solicitor will require your mortgage offer to exchange contracts. Completion will be set by your developer once your property is fully completed.

Subject to lender underwriting and all required documents being provided quickly average turnaround between 10-15 working days depending on mortgage lender.

Many mortgage lenders in New Homes offer longer offer validity periods for new homes. These offer validity periods can also be extended. It’s a good idea not to make any changes to financial circumstances before you complete your purchase. This will ensure your mortgage offer remains valid should an extension be required.

Your mortgage lender will write to you after completion (usually within 7-10 days) to advise you of your payment date and how much your first payment will be. It is not unusual for your first payment to be more than subsequent payments as the interest is calculated from the date of completion.

We do not charge any fees at any time.

The minimum deposit lenders will accept is 5% of the property value, however the higher your deposit the better the interest rate will be for example a mortgage on a 95% loan to value will be more expensive than a mortgage at 90% Loan to value.

Most mortgages are portable, but this may not be the best option depending on your circumstances. It may be more beneficial to take out a new mortgage with a different lender. Our advice is free so talk to us today and we can find the best options available to you.

This is an indication of how much a lender will lend to you and is usually valid for around 90 days. Having a decision in principle in place saves you time and can speed up the mortgage process. When you are ready to apply, developers may ask to see your decision in principle to enable you to reserve your home.

If you are looking to buy a brand-new home and would like to understand how we can help, speak to a specialist new home advisor. We don't charge any fees for our advice at any time, 0800 098 7177.

We have access to many specialist products, not available on the High Street or to some mortgage brokers, which are specifically tailored to new home properties. Let us find the right solution for you. 

Ready to start your new home mortgage application? Find a mortgage or start your Mortgage Fact Find.