Buying a new-build home will usually comes with stipulations of exchanging contracts within a strict timeframe and the requirement to place a financial holding deposit on reservation. The mortgage criteria for New Builds also varies drastically from lender to lender and most require a larger deposit from you than on an open market purchase. Our Consutlants have the experience and knowledge to find you the right New Build mortgage for your needs and ensure you get the mortgage offer within the required timelines set whilst supporting the solicitors in progressing the transaction to ensure you meet the exchange deadline. Thus aiming to minimise the chance of financial loss and duly helping to remove the stress from what is otherwise a demanding process.
There are some government and developer backed schemes which can make buying a New Home especially affordable with support towards your deposit. The most popular scheme is called Help to Buy and it works by the government putting up to 20% of the purchase price towards your deposit providing you also contribute a minimum of 5% deposit to the same. This allows you to secure a mortgage based upon 75% Loan to Value, borrowing at a much lower rate than a corresponding 95% mortgage. This will also mean you will be borrowing less on the mortgage which will make the payments much more manageable. There is no interest payable on the equity share of 20% from the government for the first 5 years, but after the 5 years interest becomes chargable. In order to sell the property, the government share of 20% of the present value of the property needs to be redeemed, however, you can pay this back at any time via a remortgage or a lump sum payment. Our expert Consultants can fully explain the Help to Buy scheme and other developer schemes to ensure you make an informed decision on whether buying a New Build property with one of these schemes is suitable or available to you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE