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New Build Mortgage Broker: clear, fast support from reservation to completion
Buying a new build home often means tighter deadlines, stricter lender criteria and extra checks around incentives, deposits and property type. You need a mortgage that fits both your budget and the developer’s timescales. Our New Build specialists will help you help you understand affordability, review your credit profile, and secure a soft-search Mortgage in Principle without affecting your credit score. We guide you through builder incentives, gifted deposits, valuation requirements and mortgage offer timing, so you can move forward with more certainty.
What is a New Build Mortgage?
Although the definition may vary slightly with different lenders, new build mortgages are usually for new homes that haven’t been lived in and have been built within the last two years.
A new build mortgage may also be for a property that is still under construction, commonly known as an off plan mortgage.
There are pros and cons to new build mortgages and off plan mortgages, which we will cover here so that you have all the information you need to make the decisions that are best for you and your home purchase needs.
- New Build Mortgage Schemes
- 5% Deposit Rates
- Own New Approved
5%
Deposit Mortgage options available95%
LTV options available on new build
What can be classed as a New Build property?
A new build property is typically defined as a home that has recently been constructed and has never been lived in. This usually includes brand new houses or flats purchased directly from a developer, either once construction is complete or while the property is still being built.
In some cases, properties that have undergone major development or conversion can be considered as new builds, but this will be defined by the lender.
What deposit do you need to buy a New Build?
The deposit required for a new build mortgage will depend on the lender, property and your personal circumstances.
For instance, new build flats often need a larger deposit (10%+), whilst new build houses tend to have 95% LTV options available
We will check lenders that consider 95% on a case-by-case basis.
See if 5% deposit could work for you 3 Simple New Build Mortgage Steps
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Find the new build for You
Enjoy searching for the new build of your dreams. From sky-high apartments to comfy family homes.
We do the rest
Once you’ve found your perfect home, let us do the rest. We will secure the right rate, understand the costs, and manage extensions.
Get a Mortgage in Principle today
The Mortgage Broker will get you a fast Mortgage in Principle finding you the best rate, clear document & snagging checklists and a lender short list aligned to your plot, incentives, deposit and completion date. All handled by a team that lives and breathes new builds every day.
Same-Day Mortgage in PrincipleMortgage Affordability Calculator
By entering a few details, you can use this New Build Mortgage Calculator, to search through a pool of over 50 lenders to find an estimate of your mortgage affordability. You will then have access to a mortgage passport, which you can download as proof to demonstrate your affordability. No credit check is required to use this calculator.
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Advantages and Key Considerations For New Build Mortgages
Purchasing a new build property comes with its own advantages, such as schemes, gifts and incentives, but there are also practical disadvantages to consider.
New Build Mortgages Advantages |
New Build Mortgages Considerations |
| When you purchase a modern, newly built house, there are several benefits for a homeowner, such as; |
Buying a newly built property comes with pros and cons. Here are some things to take into account when you’re considering a new build or off plan mortgage;
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A common (and costly) issue when buying an older house, which has been lived in, is that the decor, bathroom, kitchen, carpets, wallpaper etc may not be to your liking and one of the first things you would want to do is make changes which could quickly become expensive.With a new build, this shouldn’t be a problem because all of these things will be brand new and not in need of repair or renovation. You should just be able to move in and start enjoying your new home without making any substantial changes. |
New homes are built to modern standards and within clearly defined construction schedules. As with any newly completed property, there can be minor finishing items to review at handover, often referred to as snagging, such as small cosmetic adjustments or fittings that need attention. Arranging a professional snagging survey shortly after completion can help ensure everything is finished to the expected standard and any minor items are resolved promptly.
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As newly built homes must meet current building regulations, they are generally more energy efficient than older properties. This can help reduce energy consumption and may lead to lower household bills. In some cases, lenders also offer green mortgage products for energy efficient homes, which can provide access to preferential rates or incentives where certain energy performance standards are met. |
Property developers will often try to put as many new homes as they can on a site in order to maximise profits. This can mean smaller rooms and gardens and closer proximity to neighbours.Be sure to check that your car will fit in the garage and that there is enough space for your furniture. Be aware that show homes may have optimised the space when displaying furniture, or even use smaller than standard furniture to give the illusion of a larger room
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Because your newly built home hasn’t been lived in, there is no seller chain causing potential delays. This is one less thing to worry about when buying a property. |
New builds can sometimes mean delays when construction doesn’t go to plan. Especially when buying an off plan property, delays can cause frustration and expense for the buyer. If the delay is very long then it can even affect your mortgage offer and you may need to reapply.
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New builds are more likely to be built with a modern lifestyle in mind. This means that rooms can be open plan, with a better flow to them, and even with smart home technology. If you are buying ‘off plan’ then you may even have the opportunity to make choices regarding the layout, fixtures and fittings of your new home. |
If the site isn’t finished when you move in, there may be building work going on outside your new house for several weeks or months.
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Newly built properties come with a warranty which can offer peace of mind regarding any issues you may find in your home after you move in. Warranties will usually last for 10 years but it is important to know what is (and isn’t) covered.
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There are various government schemes to help especially first time buyers to get on the property ladder. Consulting a new build mortgage advisor can help you discover what is appropriate and available for you.
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Considerations For New Build Mortgages
Gifts and Incentives
We also support you with builder incentives and gifted deposits, including contributions towards legal fees, flooring, or deposit support. As these incentives can affect the loan to value calculation and affordability assessment, we ensure your application is structured in line with lender criteria from the outset.
The New Build Handover
With new build purchases, valuations are often carried out based on plans and specifications before the property is fully completed. We guide you through how this works, including completion on notice arrangements and what to expect at handover, so there are no surprises as you approach completion.
For flats and leasehold properties, factors such as ground rent terms, service charges, EWS1 or cladding requirements, and maximum floor counts can all influence lender choice. We review these details at an early stage to ensure the property aligns with lender criteria and to help prevent delays later in the process.
Deadlines, Specifics, and Warranties
Many lenders issue time-limited mortgage offers, which is particularly important with new build properties where completion dates can move. We plan around realistic build schedules and manage any extension requests with your developer and solicitor where needed, helping to keep your mortgage on track.
Quick Turnarounds
Developers also often set short exchange deadlines, which typically span 4 to 6 weeks from reservation. Because of this, we prioritise securing your Decision in Principle or Mortgage in Principle early and selecting lenders who can meet your required timescales. In addition, we ensure the new build warranty scheme provider is acceptable to your chosen lender, helping to avoid unnecessary delays during underwriting or before completion.
Get the lowest mortgage rates with the New Rate Reducer
Getting a good mortgage rate is often a struggle; what if you could gain access to amazingly low mortgage rates for your new home? That’s where the Own New Rate Reducer Scheme comes in.
What is the Own New Rate Reducer scheme?
Launched in February of 2024, the scheme was created by property finance company Own New and is aimed at making homeownership easier and cheaper than ever.
The catch (if you want to call it that) is that the scheme is only available for new build housing developments. Own New work with well-known and trusted lenders and more than a whopping 60 home builders to give buyers access to the lowest mortgage rates you’re ever likely to find.
The Rate Reducer scheme uses developer incentives to substantially reduce the amount you pay on your mortgage during the first term. The rates are sometimes below 1%, practically unheard of in recent times, and you could get a new home with as little as 5% deposit.
Can You Reserve a New Build Without a Mortgage?
The short answer is yes, but it would make sense to get a Mortgage in Principle, not only so you know how much you can borrow, and to reduce the risk of your new build mortgage being declined, but also because the developer or estate agent may need to see the paperwork for your mortgage in principle before you can secure your plot.
Do I have to use the developers panel broker?
The developer you are looking to purchase your new build property from may prefer you to use a mortgage broker that they recommend, however this is not mandatory and you are able to use any qualified mortgage broker to apply for your mortgage.
Using the property developers recommended mortgage broker is not mandatory
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