Mortgages

New Build

New Build Mortgages

New builds are usually more expensive than older properties. As a result lenders tend to require larger deposits and they may also charge higher interest rates on new build properties. This is because there is a higher risk that the value of a new build property may fall within the first few years.

If you’re thinking about buying a new build ‘off plan’ (before the property has been built) bear in mind that your mortgage offer is usually only valid for up to a period of six months. It the building work takes longer than this timeframe, you will need to reapply.

For further help and advice about new build mortgages, contact one of our expert Your Mortgage and Protection advisers.

Shared Ownership

Shared Ownership is an affordable home ownership scheme which makes it easier for first time buyers to get on the property ladder. Buyers purchase a share of property, and pay rent on the remaining share. Shared Ownership is a fantastic way to get a foothold, as it can considerably reduce the amount required for a deposit. Shared Ownership has helped thousands of first time buyers onto the property ladder in England.

If you’re considering a new build, you may also be eligible for assistance from the government through the Help to Buy scheme.

Help To Buy Scheme

Help to buy scheme benefits:

• They could lend you 20% of the full purchase price of your new build.

• If you’re buying in London this increases to 40%.

• You won’t have to pay any interest on the 20% loan for the first five years.

Help To buy Considerations

• This Help to Buy scheme is only due to run until March 2021.

• This scheme is only available for properties valued up to £600,000 in England.

• Similar schemes are available for homes worth up to £300,000 in Wales and  Scotland.

• No help to buy schemes are currently available in Northern Ireland.