New Build Mortgages

Even once you’ve been approved for a mortgage in principle, finding the right home can still be a challenge. Homes and mortgages are long-term commitments, so buyers need to think about tomorrow’s needs as well as today’s. In a turbulent housing market, many cautious buyers are gravitating towards new build properties.

What Is a New Build Home?

New build homes have a specific definition. The term applies to a property built within the past 2 years that has never been previously sold. It can also apply to a property substantially renovated within the past 2 years that hasn’t been sold since the renovation.

It’s also possible to secure a mortgage on a property that hasn’t yet been built, or is only partially complete — known as an off-plan mortgage. These can be more complex to arrange, so it’s worth speaking to a specialist broker early on.

What Are the Pros and Cons of Buying a New Build Home?

New homes offer a level of reliability older properties can’t always guarantee, along with peace of mind that they’ve been built to exacting modern standards, particularly around connectivity and energy efficiency. They tend to suit 21st-century living well, generally require lower maintenance, and — since you won’t be stuck in a chain — moving in tends to be faster and less stressful, which is especially helpful for first-time buyers.

That said, new builds do come with caveats. They can be more expensive than older equivalent properties, and buying off-plan can leave you exposed to construction delays or significant reservation fees.

How Do I Know a Property Is a Genuine New Build?

A property needs an official NHBC Buildmark, or equivalent, to be formally classed as a new build. This acts as a 10-year warranty covering all aspects of construction. You can check whether a property is a genuine new build via NHBC’s official register.

Specialists in New Build Mortgages

At The Mortgage Store, we specialise in new build mortgages, working closely with both builders and lenders to help our clients move smoothly into their new home. Whether you’re a first-time buyer or a home mover considering a new build, we can talk you through the process, including off-plan mortgages.

If you’re looking for the right new build mortgage, get in touch today — we’d be happy to help.