New Build Mortgages: Find the Best Value for You
Purchasing a new-build property can be an attractive prospect for many buyers, not least being able to take advantage of Government initiatives such as Help to Buy mortgages. But do New Build mortgages differ in any respects from General Purchase mortgages and how does taking one out work in practice for would-be homeowners?
At The Mortgage Place, we’re an experienced mortgage broker operating throughout Dorset and surrounding areas. We understand the pros and cons of mortgages of all types. We can help you work through the potential complexities to decide which option is the one that will work best for you.
Advantages and Potential Pitfalls of New Build Mortgages
Timing can be critical. Mortgages are typically not problematical for buying properties off-plan, but as with most mortgage offers, may be valid for only six months. If building delays occur, the mortgage offer can expire, although some lenders are prepared to commit to longer validity periods. Also, developers often work to tight timescales, and may only offer 28 days to complete once a deposit is put down.
Some developers may offer incentives to buyers such as paying stamp duty or legal fees, which may in turn be considered by the lender when calculating the amount, they are prepared to lend. Finding and comparing the pros and cons of these kinds of deals can be time-consuming for inexperienced buyers.
Lenders can be more cautious on amounts they are willing to loan for new-build flat purchases; but are more accommodating when it comes to houses
Help to Buy offers some attractive benefits to purchasers of new build properties, but equally the longer term must be considered, such as eventual repayment of any equity loan.
Use the Services of an Experienced Mortgage Broker to Navigate the New Build Mortgage Market
In a challenging property market, it helps to have experts on your side. You’ll find the assistance you need at The Mortgage Place. Balancing our in-depth knowledge of what’s on offer and your unique financial situation, we’ll source the best deals at the best prices for you. Contact us today to make an appointment to discuss which of our the best value new build mortgages will meet your requirements.