Looking for a Mortgage for a New Build?
New build properties can be appealing to first time buyers because they generally have no pre-existing issues that will need fixing; You can move right in and make your mark on the new property and they are generally much more energy efficient.
When to apply
As mortgage offers are generally only valid for six months, you need to ensure that your offer won’t expire before your home is ready. If your property is not complete by the time your offer is due to expire, your lender could provide an extension or a new application may be needed. Your MortgageLine Adviser will guide you.
New Build Lending Criteria
New properties are more attractive to Mortgage Lenders due to the modern building methods used and energy efficiency. Basically the mortgage lender is much happier with taking security over a brand new property, just like car insurers prefer newer cars. For this reason banks and mortgage lenders will offer borrowers preferential interest rates for mortgages on new properties. These are called green mortgage rates and are typically lower than the other mortgage rates on offer.