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08000 38 37 36Buying a new build property is an exciting step, but securing the right mortgage can feel complex. Our specialist new build mortgage advisors are here to guide you every step of the way, ensuring you feel confident and supported throughout the process.
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A new build mortgage is a specialist residential mortgage designed specifically for new build homes. Lenders typically define a property as a new build if it's been built, converted or renovated within the past two years, although their exact criteria may vary.
Securing a mortgage for a new build home is similar to obtaining one for an older property. The application is based on factors like your income, credit history and the value of the home you wish to purchase. Once you meet the lender's criteria, they'll provide an offer.
That said, new build mortgages come with unique features tailored to the process of buying a newly constructed home. The lending criteria tend to be stricter, meaning you'll likely need to save up a larger deposit.
These mortgages are designed to align with the unique timelines and payment structures of new builds. Unlike traditional mortgages, you'll often secure your mortgage offer in advance, ensuring it's ready to match the developer's schedule, even before the home is fully built.
At Alexander Hall, we understand the intricacies of new build mortgages and are here to guide you every step of the way, helping you secure the right solution to bring your dream home to life.
When buying a new build property, you'll typically need at least a 10% deposit. However, putting down a larger deposit can unlock access to better mortgage rates, helping you secure a more favourable deal.
Lenders typically require a bigger deposit for mortgages on new builds compared to older properties. This is because they want to safeguard against the possibility of the property's value decreasing in the early years. For new build flats, the deposit requirement may be even higher, as flat prices can be more unpredictable.
When it comes to securing a mortgage for a new build, timing is critical. Once you've reserved your home, you'll typically have just 28 days to exchange contracts. This short window means you need to act quickly to get your mortgage in place. Some lenders may require additional time to process your application, so starting as soon as possible is key to keeping things on track and avoiding unnecessary delays.
Our expert new build mortgage brokers are here to help you get everything in place efficiently. By starting early and working with us, you can feel confident that your plans will stay on track, so you can focus on the excitement of your new home.
Getting a mortgage for a new build can feel overwhelming, especially with the unique challenges these properties often present. Lenders often have stricter criteria, reflecting the unique nature of purchasing a property yet to be completed, which can make the process seem complex and limiting.
While you can navigate the process on your own, working with our specialist new build mortgage brokers can make all the difference.
At Alexander Hall, we're here to guide you every step of the way. Our deep expertise in the market means we understand the unique challenges involved with new build mortgages and can help you navigate them with confidence. We can leverage our relationships to connect you to a wide range of lenders and deals you wouldn't have access to otherwise.
Our mission is to make the process simple, transparent and stress-free, so you can feel confident about your choices and focus on achieving your dream of owning a new build home.
We start by getting to know your goals, budget and aspirations for your new build home. This ensures we're perfectly positioned to guide you toward the mortgage options tailored to your situation.
We help you secure a Decision in Principle (DIP), giving you clarity on how much you could borrow. Having this in place helps show developers and lenders you're a serious buyer, making the process smoother.
When you've found your dream new build property, we guide you through reserving it with the developer. We're here to make the process stress-free, helping you meet any requirements or conditions along the way.
With your new build secured, we use our expertise and market knowledge to find the perfect mortgage deal for you. We then manage the entire application process on your behalf, so you can focus on preparing for your new home.
Your lender will review your application and conduct a valuation of the property. We'll take care of any extra information or documents they might need, ensuring everything progresses smoothly.
Once your lender is happy, you'll receive a formal mortgage offer for your reserved new build. At this point, we'll guide you through the final steps, making sure all the legal details are handled seamlessly.
When everything is in place, it's time to collect the keys to your dream home. We'll be on hand to ensure the mortgage completion process is as smooth as possible, so you can start enjoying your new build home with confidence.
With decades of expertise in the mortgage market, our specialist advisors are here to help you secure the best deal for your dream new build home. Here's why so many people turn to Alexander Hall for support:
