New Build Properties
New Build has always had its attractions, with many buyers preferring to be the first ones to live in a property as well as the guarantees that come with a new property.
When purchasing a New Build however, especially if you are looking to finance this with a mortgage, there are a series of things you need to be aware of before you part with your deposit.
As one of London’s top professional mortgage brokerage, Coreco is well versed in this type of transaction and we thought it would be useful to put some useful pointers together to make sure you’re ready to purchase your New Build Home.
Choose who you work with
Speaking to a Professional Mortgage Broker who is experienced in the New Build arena is the best way forward, as they will have a knowledge of not only how schemes such as Help To Buy work, but also how every lender works and which ones have the best products at any one time.
Going directly to a bank is fine, but they can only offer their own products which may not be the most suitable for you, or be able to move within your timeframes.
At Coreco, we have access to thousands of mortgage deals from over 90 different lenders, often including exclusive products that are not available on the High Street.
We will ensure you are in the best position to proceed quickly and be at your side throughout the whole process to smooth out any unforeseen bumps in the road.
Help to Buy
If the Help To Buy Scheme is being used you will need to get proof of your affordability and approval from your local Help To Buy agent.
Your broker will be able to help you through this. They will submit an application and affordability calculator on your behalf and authority to proceed will usually be issued within 7 days.
Once you have this and an ‘Agreement in Principle’ from the lender you will be ok to proceed with the purchase.
In some instances, especially if you are purchasing an Assignable Contract, you may need to use a specialist lender or a Bridging Loan initially. Many mainstream lenders will not be able to lend on this basis and this is where a professional broker with experience is worth their weight in gold and can literally save you hundreds or thousands of pounds with the right advice.
10 Step Guide
To find out more, read our 10 step mortgage guide on how to avoid the pitfalls when buying a New Build property.
Things to consider
Do I want the security of fixed monthly payments?
How am I going to pay the loan back?
How much can I borrow?
How much deposit do I have?
Do I have money set aside for fees such as legal costs and stamp duty?
What exactly does the mortgage process involve?
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Get in touch with us now
However unique your path, rest assured that Coreco is here to help at every turn your life takes.
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020 7220 5110
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