Get ready to move into your Brand New Home!

With the Government currently focussing on building new homes, you've probably noticed one or two new developments around your local area. Maybe you've been tempted to have a look at some show homes and think a new build home might be the answer for you?

When it comes to getting a mortgage for your new build property, it shouldn’t be unlike purchasing any home. The only real difference being that developers can require exchange and completion within a short timescale.

That’s where The Mortgage Hut can help! From searching for the most suitable mortgage deal for you, to processing all the required paperwork, we can make sure every aspect of your mortgage and any relevant insurances you may need are dealt with quickly and efficiently so you are ready to move into your brand new home.

Why buy a brand new house?

Why buy a brand new house?

One of the real appeal of new build properties is one that could be compared to buying a new car, no need to worry about repairs. New Build properties generally will come with a 10 year warranty which gives you peace of mind. It also means that unlike older style properties you are likely to spend less maintaining the property.

Another benefit is generally you can pick important finishes to the property, like kitchen and bathrooms, the colour of the carpet or maybe if you're going to have turf or decking, all very exciting personal touches for the day you move in.

Buying a new build is an exciting process, so please remember we are here to make the process as enjoyable as possible for you!

Because we play by the book we want to tell you that...
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1.5%, but a typical fee is 0.3% of the amount borrowed.

We're here to help - Avoid common mistakes!

It's likely that if you're buying a new build property (or considering it) that you haven't gone through the process before. It can be a fast moving and daunting experience if you don't have someone on hand to support you through the process. Have no fear, our new homes mortgage consultants are here to help you every step of the way, below are some of the common mistakes people make:

  • Missing the Exchange Deadline - New Build Properties generally have a 28 day window to exchange, this is normally pretty strict and so generally speaking once you've reserved you have no time to waste. We have a specialist team who just deal with New Build, so we can ensure you're ready to go when you need to be.
  • Help to Buy - If you're purchasing with Help to Buy you need to complete a variety of forms and get approval from the Help to Buy Agent to proceed with the mortgage. If you make a mistake on the forms, generally this will set you back a week or so. We will complete all these forms for you.
  • Make sure you don't apply too early! - It might sound silly, but some mortgage offers are only valid for 90 days, so if you are buying off plan we will ensure you either apply at the right time or go with a lender who has a longer offer period. This will save you apply twice and paying fee's more than once.

Help to Buy - Equity Loan

Help to Buy is a scheme the government launched in 2013 and has so far help first time and next time buyers purchase over 170,000 properties.

If you're a first time buyer you'll be eligible for the scheme, as will you be if you're a home move, as long as you won't own any other properties apart from the one your purchasing when you move in. This applied for both parties if you are buying the house jointly.

How easy is it to get Help to Buy?

To be eligible you'll need to:

  • Have at least a 5% deposit
  • Be buying a property of less then £600,000
  • Have the intention to live in the property, it can not be for investment purposes
  • It can not be let out or be a second home

We're created a whole page to explain Help to Buy if you'd like to know more, or alternatively you can click here and arrange a call with one of our friendly mortgage consultants.

Is New Build property right for you?

There are a number of important things to consider when deciding if a new build home is right for you. Just because a home is new, it does not mean it will be completely free from defects which may lead to negotiations with your builder. 

Depending on the stage of the development, you may spend the first few months or even years in your home on a building site. 

You may need a slightly higher deposit for a new build property and timing your mortgage with your home completion can get complicated.

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With interest rates rising, speak to an advisor today to lock you in with the best deal. Check your eligibility now.