Mortgages for New Build properties
From the choice of fixtures and fittings that convey your sense of style to the sense of security with the 10-year warranty that covers structural defects, there are lots of great reasons to choose a new build property, and to want to make one your home. It’s not always easy getting on the property ladder, but with New Build Mortgages from Derbyshire Mortgages and Protection, it can seem pretty simple.
When it comes to purchasing new build property, your first step should always be to speak to a mortgage broker who can help you work out how much you can afford to borrow and what it will cost.
Because there may be a delay between exchange and completion, there’s a risk that New Build Mortgages will run out before your new build home is ready to move into. To avoid having to apply for a mortgage all over again, timing is everything, as is informing your mortgage lender that you may need a mortgage that can cope with any unexpected delays due to property developers, planning permission, building schedules, building work or pushed back completion dates. A New Build Mortgage offer extension may be required, and here at Derbyshire Mortgages and Protection, we can help with all manner of offer extensions.
When it comes to purchasing new build property, your first step should always be to speak to a mortgage broker who can help you work out how much you can afford to borrow and what it will cost.
Because there may be a delay between exchange and completion, there’s a risk that New Build Mortgages will run out before your new build home is ready to move into. To avoid having to apply for a mortgage all over again, timing is everything, as is informing your mortgage lender that you may need a mortgage that can cope with any unexpected delays due to property developers, planning permission, building schedules, building work or pushed back completion dates. A New Build Mortgage offer extension may be required, and here at Derbyshire Mortgages and Protection, we can help with all manner of offer extensions.
FAQ
1. What is a New Build Mortgage, and how does it differ from a standard mortgage?
A New Build Mortgage is specifically for properties that are newly constructed. These mortgages often come with unique terms, such as extended application deadlines and staged release of funds.
2. What are the benefits of a New Build Mortgage?
Benefits may include lower maintenance costs, energy efficiency, and the opportunity to choose customizations in some cases. Some lenders also offer incentives for new build properties.
3. Are there potential drawbacks to purchasing a new build property?
New build properties may be more expensive than older homes, and there could be delays in construction. It’s essential to research the developer and consider the location carefully.
4. How can I secure a New Build Mortgage, and what documents are required?
To secure a New Build Mortgage, you’ll need to provide documents such as proof of identity, income, and details about the property. Working with a mortgage advisor can streamline the process.