New Build Mortgages New Build Mortgages

New Build Mortgages

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Our highly qualified advisers are fully experienced with all types of New Build related purchases.

We will assist you with all additional parts of the buying process such as ‘Help to Buy’ or ‘Shared Ownership’ transactions.

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A ‘new build’ property is one that has been built within the past two years or has been substantially renovated within that time period, nor has it been sold during the past two years. If you are purchasing a property that is in the process of being built or whereby the work has not begun, this is known as off-plan. If you are looking for a new build mortgage, we can help you to find the right mortgage for you.

What are the reasons to consider a new build home?

There are a number of different benefits that are associated with new build properties. This includes the fact that these properties tend to be in better condition when compared with older homes, which can mean reduced maintenance and repair costs. In addition to this, new build properties tend to be more energy efficiency.

You may also be able to select your own fittings and fixtures, such as appliances, lighting, tiles, and flooring. In addition to this, by opting for a new build, you may be able to avoid some of the expensive delays of the typical house-buying process, for example, property chains.

What are some of the drawbacks associated with new build properties?

All properties have their pros and cons, and new builds can be no different. Well, a new build can often mean a more expensive property. In addition to this, you are likely going to need to pay a reservation fee to the developer in order to secure your plot if you have decided to purchase an off-plan property.

If you pull out of the purchase, it is very likely that you could lose this money. You may also encounter delays if you purchase a new build home off-plan, as construction can be held up for a number of different reasons.

Securing a mortgage for a new build property

It can be more difficult to get a mortgage for a new build. This is because it is not uncommon for higher interest rates to be charged on new build properties. This is because lenders believe that there is more risk associated with this type of mortgage, as there is the possibility that the property’s value may fall within a few years. Of course, this does not always happen. However, because the property will lose its ‘new’ tag, this can cause the value to initially fall.

Moreover, you need to remember that your mortgage offer will typically only last for around six months when you buy a property off-plan.

At Fosters Financial, we can help you to manage all of this and make sure that you get the right mortgage deal for you.

Call us today on 01206 911401 to discuss your options in further detail.

4 Steps to mortgage success

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DISCOVERY CALL

First things first, we need to introduce ourselves, and find out a bit about you. So either call us today or book a time for your discovery call now (it will only take 10 minutes)

FREE CONSULTATION

Now we know a little about you it’s time for us to get into the nuts and bolts

WHATS BEST FOR YOU

We’ll give you all the choice and information you want, to ensure you’re happy making a choice that’s right for you, guiding you each and every step of the way

APPLY & UPDATE

We send your application, and let you know how it’s progressing, at least once a week. Keeping you in the loop and managing the application efficiently from start to finish

What our Customers Say

  • very friendly service that explained all at every step and was always quick to respond to any questions, no matter how small, that we had

    S.Collinson
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  • John is simply in a different league to anyone else we have ever spoken to.

    S.Hamill
  • Fosters Financial were brilliant in our remortgage process, they kept us up to date and everything was completed very quickly

    S.Lawrence
  • From start to finish I was always kept unto date with the progress, the team are excellent and are very friendly.

    S.Dodl.

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