New Homes Mortgage Team
At 177 Mortgages we have a specialist team of experienced New Homes mortgage advisers. Trained to provide the best advice and service for new homes mortgages to clients looking to purchase a brand-new home.
Our New Homes Specialists are available 7 days a week providing customers that are buying a new home with the best advice whilst not compromising on service. We will process your mortgage application as quickly as possible to ensure your developer timescales are met and you secure the property of your choice.
We have a deep understanding of the different lending criteria and legislation surrounding new build properties. We have an intimate knowledge of Government and privately supported schemes such as First Homes Scheme and Shared Ownership. We have long well-established relationships with many National, Regional developers and Housing Associations. We are the trusted broker to qualify and advise purchasers buying new homes.
Buying a New Build Home could mean that you will need a larger deposit, with some lenders capping New Homes mortgages at 85% Loan to Value. There are lenders that require as little as a 5% deposit and our New Homes Specialists will find the right lender to meet your circumstances.
Benefits of buying a new home
Energy Efficiency: New homes are built with the latest energy-efficient technology, which can help you save on utility bills and reduce your carbon footprint. With high-quality insulation, triple-glazed windows, and state-of-the-art heating systems, you can enjoy a more comfortable living environment while also being environmentally responsible. New homes are designed to meet the latest standards and specifications, meaning you can enjoy the latest in design and technology. From high-end kitchen appliances to luxurious bathrooms and stylish interiors, new homes often come equipped with the latest features and finishes. Some mortgage lenders offer Green Mortgage deals for energy-efficient homes.
Choice and peace of mind: When you buy a new home, you could have the opportunity to personalise your living space. Whether it’s choosing your own colour schemes and finishes or selecting your own fixtures and fittings, you have the freedom to create a home that’s uniquely yours. And new homes come with a 10 year warranty, providing you with the peace of mind that if something goes wrong it will be sorted. This can save you money on unexpected repair costs and help ensure that your home remains in good condition for years to come.
Fast and affordable: When you buy a new home, there’s no chain to worry about. This means that you won’t have to wait for a previous owner to move out, giving you more control over the moving process and potentially saving you time and hassle. Many developers offer buying incentives to help make purchasing a new home more affordable. From part exchange schemes to Deposit Unlock, there are a range of options available to help you get on the property ladder.
New Homes Experts
Getting a New Build Home mortgage can be a little more difficult. This is because some lenders are concerned about them not increasing in value as quickly as the rest of the housing market. This is often referred to as a “New Build premium”. Mortgage lenders have their definition of a New Build property but many consider a property as a “New Home” for up to 2 years. And if your property hasn’t been built yet, then this is classed as buying “off plan”.
Many developers offer “New Build Incentives” which can include things like:
- paying your stamp duty
- paying legal fees
- packages for premium kitchens or bathrooms
- flooring throughout
Mortgage lenders will consider any incentives offered when assessing your affordability. If the value of incentives is above 5% of the property value then this could impact your loan to value, or the amount the lender is prepared to lend.
Remember that a brand-new property may not come with the things you would expect to find when you buy a home. For example, there may not be flooring throughout the property, so it’s important to ask your developer what you are getting and consider any additional costs in your budget. Take a look at our advice on getting Financially Fit.
Speaking to a New Homes Specialist adviser will help you to navigate these complexities and find the best mortgage product to suit your needs and circumstances.
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.
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