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Even when you’ve been approved for a mortgage in principle, finding the perfect home for your needs can still be a challenge. After all, homes and mortgages are long term commitments. Buyers need to consider not just today’s needs but tomorrow’s as well. In a turbulent housing market, many cautious buyers gravitate toward new build properties.
What is a new build home?
New build homes have a very specific definition. The term applies to a home that has been built in the past 2 years and has never been sold previously. The term may also apply to a property that has been substantially renovated within the past 2 years and has also never been sold post-renovation.
A mortgage can be secured for a property that has not yet been built or is only partially complete. These are off-plan mortgages and can be more complicated to obtain a mortgage offer.
What are the pros and cons of buying a new build home?
A new home represents a degree of reliability that older properties cannot necessarily guarantee. Furthermore, you have the peace of mind that comes with knowing that they’ve been built to exacting standards, especially in terms of connectivity and energy efficiency. New homes are generally better suited to the demands of 21st-century living and tend to be lower maintenance. And, because you know that you won’t have to worry about being stuck in a chain, moving in will be faster and less stressful, even more so if you’re a first-time buyer.
That’s not to say that new-build homes don’t have their caveats. They can be more expensive than older properties and buying off-plan can make you vulnerable to construction delays or hefty reservation fees.
How do I know for sure that a property is a new build
A property needs an official NHBC Buildmark, or equivalent, to be officially classified as a new build. This serves as essentially a 10-year warranty which covers all aspects of construction. If you want to check if a property is a genuine new build, check out NHBC’s website.
Does the Help to Buy scheme apply to new build homes?
Yes, absolutely. Under the Help to Buy scheme, you can apply for an interest-free government loan for up to 20% of the value price outside of London and 40% within London.
Specialists in new build mortgages
At The Mortgage Store, we specialise in new build mortgages, working closely with builders and lenders alike to help our clients move into their perfect new build home.
If you’re looking for the right new build mortgage, don’t hesitate to get in touch.