New Build Mortgages
The lending criteria for new builds are often stricter than that for older properties. This is because lenders are concerned the value of the property will drop when it is no longer considered ‘brand new’.
Furthermore, if you buy your property ‘off-plan’ (i.e. before it’s built), a mortgage offer may only be valid for six months. Any delays in the build will then impact your mortgage offer.
It’s not all doom and gloom! The value of your new build property may increase whilst under construction however, your purchase price would remain the same.
There are so many possible scenarios when buying a new build property. And this is why it’s important to take advice from a whole-of-market mortgage broker like First Financial Solutions (Wales)
*Your home may be repossessed if you do not keep up repayments on your mortgage.
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Securing the present. Protecting your future.
We are independent and are directly authorised by the Financial Conduct Authority (FCA) which assures our clients that we have no network or product restrictions, and we also have a in-house compliance team that ensures our advisers are always supported and able to give first-class advice.