New build mortgage
Your guide to mortgages for new build homes
Mortgages for new builds
If you are buying a newly built property, you will need a new build mortgage. There are many benefits to buying a brand-new property, but securing a mortgage without professional help can be tricky.
Due to the length of time newly built properties take, they are often perceived as risky to mortgage lenders. Because of this, the maximum loan to value (LTV) for new build mortgages is usually low. You will therefore usually need to pay a higher rate of interest and have a bigger deposit in order to obtain a mortgage.
Luckily, at Fosters Financial we have excellent relationships with all the UK’s leading and specialist mortgage lenders and can therefore help you to find the perfect deal for your needs. We know how complicated the new home process can be, so once we have found you the best possible mortgage, we will also handle your entire application to ensure it is a complete success.
To book a free, no obligation consultation with one of our friendly new build mortgage advisors, simply get in touch or request a callback later here today!
First time buyer new build mortgages
This government initiative enables you to borrow up to 20% (40% if you are buying a home in London) of the cost of a new home, and can be used to purchase a newly built property up to the value of £600,000.
You do not pay any interest on the loan for the first five years and will only need a 75% mortgage and 5% deposit to purchase your new home.