In most cases, the process of applying for a mortgage is the same regardless of whether your home is newly built, however, there are some things you need to be aware of when arranging a mortgage to buy a new build property.
Developers can often work to demanding timescales, and once you’ve put down a deposit you may have only 28 days to exchange. This is where using a mortgage broker when purchasing a new build property is imperative as we can make sure you adhere to the 28-day deadline.
You can also come across the scenario of the build taking longer than the standard 6 months of a mortgage offer. There are some lenders that have a longer validity period that can be up to three months longer than their usual deadlines. We will know the products which will remain valid for longer and can make sure you are placed with these lenders in this scenario.
We will be on hand should you need to move quickly or alter your mortgage at any time through the new build process as time is of the essence in this scenario.
Please speak to us first so we can ensure you are placed with the right lender.
In most cases, the process of applying for a mortgage is the same regardless of whether your home is newly built, however, there are some things you need to be aware of when arranging a mortgage to buy a new build property.
Developers can often work to demanding timescales, and once you’ve put down a deposit you may have only 28 days to exchange. This is where using a mortgage broker when purchasing a new build property is imperative as we can make sure you adhere to the 28-day deadline.
You can also come across the scenario of the build taking longer than the standard 6 months of a mortgage offer. There are some lenders that have a longer validity period that can be up to three months longer than their usual deadlines. We will know the products which will remain valid for longer and can make sure you are placed with these lenders in this scenario.
We will be on hand should you need to move quickly or alter your mortgage at any time through the new build process as time is of the essence in this scenario.
Please speak to us first so we can ensure you are placed with the right lender.
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