New build mortgage
Applying for a mortgage on a new build property is similar to any other mortgage but has timing challenges.
We can help you buy a new build property or purchase a home off-plan
It can be more difficult to take out a new build mortgage, but we work with a range of lenders who could offer you a mortgage of up to 95% on a new home.
- Government schemes may be available to help you buy a new-build property
- Incentives accepted from builders, such as stamp duty paid and solicitors’ costs being covered
- Builders can offer a Part Exchange facility or help to sell your property, which can eliminate chains
Mortgage application process
4 simple steps for applying for a mortgage. See more about the mortgage application process here
Complete our
pre-qualify form
Let us know a few details about the mortgage you require
A mortgage specialist will call
One of our brokers will call and get a few more details of your requirements
We search for your perfect mortgage
We will search the market for the best rates for your circumstances
A Decision in Principle is made
We will secure a DIP with a lender, if you approve we move forward with a full application.
Whatever your mortgage goal, there will be something for you​
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Applying for a new build mortgage
Taking out a mortgage on a new build property should be very similar to taking out any other mortgage. However, there are some key things to consider when taking out a mortgage on a brand new house, especially if it’s still in the development stages.
Timing is the most likely challenge that you will face when looking to take out a mortgage on a new build. This is because mortgage offers tend to only be valid for up to six months. This can be an issue if the house you want to buy hasn’t been built yet. Some mortgage lenders might consider extending their offer but this is usually subject to reassessing your application.
Below are some of the lenders we work with
Case Study
Helping one first-time buyer buy a new-build apartment
One customer wanted to buy his first home, which was a new build property, but was struggling as he had bad credit.
With Clever Mortgages he was able to:
- Buy his brand-new apartment via the Help-to-Buy Scheme
- Take out a mortgage over 35 years with a high street lender
- Secure an initial 5 year fixed rate of 1.99%
| Balance | Payment | Rate | Term | |
|---|---|---|---|---|
| New mortgage | £382,500 | £1266.32 | 1.99% | 35 years |
Our customer wanted to get on the property ladder but was struggling to find a mortgage as he had previously missed payments towards his unsecured debts and had defaults showing on his credit file. We initially secured a mortgage agreement with a specialist lender, but by the time his offer on the property was accepted his credit score had significantly improved.
As a result, we secured a mortgage with a high street lender, which offered him an even better rate and the security of a 5 year fixed rate. The customer was very grateful for this and now enjoying living in his dream new-build home.
