New Build Mortgage

If you are considering buying a new build home, the mortgage process can sometimes be slightly more complex. Here is everything you need to know about getting a New Build Mortgage.

What is a New Build Mortgage?

This is a specific mortgage product that is aimed exclusively at those buying a new build property. We deal with a number of lenders that offer a range of rates on mortgages to guarantee you receive the best mortgage for your individual needs.

Anyone buying a new build is eligible to apply for a New Build Mortgage, however, rates will depend on your financial situation.

How much can I borrow?

Typically, you can borrow up to five times your annual income but this will depend on your credit score. It is better to have your finances in order when applying for a mortgage to access the lower interest rates available.

An agreement in principle (AIP) is a statement from your mortgage lender indicating how much they’re prepared to lend you, based on your financial details and income. This is not a guaranteed offer, however, an AIP can show estate agents and builders that you are serious about buying a home.

Your home may be repossessed if you are unable to keep up repayments on your mortgage.

How much deposit do I need for a New Build Mortgage?

Mortgage lenders are often stricter on the amount they are willing to lend to somebody purchasing a new build property.

You should be prepared to save up a bigger deposit than if you were buying a house which has already been lived in. However, schemes are available for you to buy a new build home with a smaller deposit. We can help you find the right lender for your circumstances.

The bigger your deposit, the more attractive you are to a lender.

How can a Mortgage Advisor at The Mortgage Brokerage help?

At The Mortgage Brokerage, we have a whole market view of mortgage deals available to new build applicants and can therefore find the most competitive rates for you.

For help finding the right mortgage for your new build home, contact our expert advisers today.