First Time Buyer New Build Mortgage
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First Time Buyer New Build Mortgage
James Bull talks all about getting a mortgage on a new build property as a First Time Buyer.
How do I get a mortgage on a new build property as a First Time Buyer?
You apply for a new build mortgage in the same way as any other mortgage. The first step in the process is to just contact us as mortgage brokers – we’ll take all your details and guide you through the process step by step.
What are the requirements for getting a mortgage on a new build as a First Time Buyer?
The lender criteria is very similar on a new build mortgage versus a secondhand property. The main difference is around the deposit that you need to put down. 5% deposit mortgages are widely available across a lot of lenders on secondhand houses, but lenders have different criteria on new build properties. You might need to put more deposit down.
5% deposit mortgages are still available but a limited number of lenders offer it on new builds.
The other main difference is that sometimes on a new build property you get incentives from the builder – you might get a deposit contribution or your stamp duty paid. Lenders have certain criteria around what incentives they accept. It’s important to mention that to your mortgage broker so we can take it into consideration.
How much deposit do I need for a mortgage on a new build property?
As we mentioned in the previous question, the minimum deposit is 5%. Just bear in mind that most lenders have different criteria on a new build – it also depends if you’re buying a house or a flat.
The best thing to do is just contact us and will recommend the right mortgage for your circumstances.
Can I use government schemes to get a mortgage on a new build?
Yes, there are many government schemes available on new build properties and we can definitely help you get a mortgage to use in those schemes.
The main thing to bear in mind is that not all lenders accept all schemes. As mortgage brokers we can guide First Time Buyers through that.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Can I get a mortgage for a self-build property as a First Time Buyer?
Yes, you can definitely get a self build mortgage as a First Time Buyer. These are more specialised mortgages, where the money is released in stages as the build progresses. They are specific to an individual project.
So if you’re interested in a self-build mortgage, contact us with details of your circumstances and your project and we’ll be able to give you advice in that area.
What types of new build properties can I get a mortgage for?
You can get a mortgage on any type of new build property as a First Time Buyer just as long as it’s a residential development that’s standard construction.
How long does the mortgage application process typically take for a new build property? Are there any differences for First Time Buyers?
There aren’t really any differences for First Time Buyers. Ultimately, how long it takes to get a mortgage approved varies from one lender to another. It depends how busy the lender is and what the queues are like.
For a normal mortgage we tend to say two to three weeks on average to get it approved.
What should I consider when choosing a new build mortgage adviser?
Make sure that your mortgage adviser works across the whole of the market, so that all the available lenders have been taken into consideration. At JB Mortgages we do fit into that category, because we have access to all mortgages within the broker market.
Are there any special considerations I should be aware of when getting a mortgage on a new build property? What are the pros and cons?
The main benefit of a new build home is that you’re the first person living there. Everything’s brand new. There are many different options and choices from the builders so you can really personalise the house to your own taste.
Everything’s going to be ready for when you move in, which is a big thing for a lot of people.
How can a mortgage broker help a First Time Buyer looking to purchase a new build property?
The main thing we do to help is get all the details about a client’s personal circumstances. Based on that, we recommend the right lender and mortgage. But we also deal with all the applications and paperwork.
So, when you use a broker everything tends to go through a lot more smoothly.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.