New build mortgages

With growing demand for housing in Britain, up to a million new homes are set to be built over the next few years. If you’re considering buying a new build home, we can help guide you through the new build mortgage process which can sometimes be more difficult than for an older property, particularly if you’re buying off-plan.
  • New Build Mortgage Expertise
    We have a team of new build expert advisers who specialise in helping you find the best mortgage for your chosen brand new property and we’re proud to work closely with many of the UK’s major house builders.
  • Exclusive New Build Mortgages
    At L&C we have access to exclusive new build specific mortgage deals that aren’t available directly from lenders or via many other brokers.
  • We’re genuinely free
    We'll never charge you a fee for our mortgage and protection advice service. Not only will we advise you on the best deal for you, you'll get expert support throughout the whole mortgage process.

Our new build mortgage experts can explain what you need to be aware of when applying for a mortgage on a new build property and ensure you find the lender most likely to be able to help you as well as secure the best mortgage deal for your needs.

We’ll help you avoid these 7 pitfalls when getting your mortgage:

  1. Missing a tight deadline to exchange contracts
    Developers often have demanding timescales. Once you’ve put down a reservation fee deposit, you may only have 28 days to exchange contracts. That can be a challenge for mortgage lenders and it’s where our knowledge and relationships with mortgage lenders can help. We have access to new build priority help desks with mortgage lenders which enables us to process your mortgage application quicker so reducing the normal timeframe for getting an offer. We’ll communicate and work closely with all parties, including the developer and solicitors .
  2. Having to re-apply for a mortgage when buying off plan
    Often you’ll be purchasing a property which won’t be ready for quite a few months. Some mortgage lender’s offers may only be valid for three months therefore we will ensure we recommend the most appropriate deal for your circumstances.
  3. Navigating the Help to Buy Equity loan scheme
    The Help to Buy equity loan scheme allows you to buy a new build property with a 5% deposit.
    We can tell you if you qualify and the maximum purchase price you’d be able to afford. Then we’ll recommend the best lender and mortgage deal depending on your priorities, as well as checking that Help to Buy is available through your chosen lender. Not all lenders offer the scheme and not all deals or rates are available, so choosing the right deal for you can be complex. The application form for the help to buy scheme is long and complex. The good news is we’ll guide you through the application process and help you complete your Help to Buy application.
  4. Securing a small deposit or high Loan to Value (LTV) mortgage
    If you’ve got a relatively small deposit of 10% or less, some lenders will place restrictions on the deals available for new build home purchases. As we are new build specialists we have access to high LTV deals which are not available directly with lenders or some other brokers.
  5. Securing a Shared Ownership mortgage
    The deals available and the eligibility criteria for shared ownership mortgages differ depending on your available deposit and the percentage share of the property you’re borrowing against.. You won’t find all these deals detailed in online best buy mortgage comparisons and we can search all the lenders to find what’s out there for your circumstances as well as advise you on the deposit you’ll need.
  6. Paying too much for life insurance
    When you take out a mortgage it’s important to to protect your mortgage with a life insurance policy. Watch out for brokers who load their life insurance premiums and those who can only offer policies through one provider – you shouldn’t end up paying more than you need to.
  7. Beware of fee charges
    There are a number of brokers who will charge fees for arranging or placing your mortgage application., even though, like us they will be paid by the lender. At L&C we simply choose not to charge our customers a fee for arranging or placing their mortgage. Our service is completely free for you.

Useful information if you’re purchasing a new build property

 

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