Our New Build Partners
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.
Some advantages of buying a new build home are:
- Guarantees: new-build homes come with a 10-year NHBC warranty covering structural defects. Most developers also provide their own two-year warranty.
- High spec: new homes are built to the latest specifications, so major repairs should be unnecessary for the first few years. They tend to be more energy-efficient, too, so you could benefit from lower utility bills.
- Personalisation: if you buy off-plan, you might be able to choose your fixtures and finishes. This is great if you’re attracted by the ‘blank canvas’ element of buying new-build.
- Smoother process: there’s no upward chain to contend with when you buy a new-build home, which means you won’t be stuck waiting for someone to sell a property before you can move in.
- Incentives: some developers will try and persuade you to buy by offering to pay your legal fees or even your stamp duty – although the latter will be less helpful for first-time buyers, who are often exempt from this.
- Schemes: the First Homes scheme – potentially giving first-time buyers 30% off – is exclusively available on new-build properties.
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.
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.