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New Build Mortgages

From the choice of fixtures and fittings that convey your sense of style to the sense of security with the 10-year NHBC 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 Avail Mortgages, along with support from a scheme such as Help To Buy or Shared Ownership, it can seem pretty simple. We know you may have lots of questions about the right mortgage for you, and wonder about any eligibility criteria, the size of the deposit, and how long the mortgage is valid for. Fire away. Our mortgage brokers and mortgage advisers are always there to help with mortgage queries, questions, issues or concerns, and can help put your mind at ease with their open and honest approach.

We understand the complexities of new build property, and the pitfalls that can occur if the mortgage process is not handled properly. With extensive experience in New Build Mortgages, our mortgage advisors will guide you through the process, and our mortgage brokers will find you the best deals. Further, if we feel that, based on your credit record or financial circumstance that another mortgage route would benefit you better, we’ll be transparent about this. When it comes to your money, you need a mortgage business that you can trust.

 

Not only do we trust completely the expertise of our mortgage team, but we have great faith in our advanced mortgage technology too – which includes our mortgage calculator and handy client portal. Together, these speed up our operations, providing our customers with a service that is not only reliable, but quick and effective. We know you haven’t got time to waste – you have a new build home to move into after all.

To learn more about New Build Mortgages, please do not hesitate to get in touch with us today. We provide help for new build house buyers in areas such as Leeds, Huddersfield, Bradford, York and Harrogate, so we know that we can help you too. Your new build house is just a phone call away.

 
Open plan kitchen in a new build house
 

What Is A New Build Mortgage?

When it comes to purchasing new build property, your first step should always be to speak to a mortgage broker, such as Avail Mortgages, who can help you work out how much you can afford to borrow and what it will cost, as well as your eligibility for home buying schemes, such as Help To Buy & Shared Ownership.

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 Avail Mortgages, we can help with all manner of offer extensions.

Cartoon woman holding a plant in a pot
 

New Build Schemes - Help To Buy & Shared Ownership

Shared Ownership

Some property developers offer new build properties under a Shared Ownership scheme. This is where you buy a percentage of the house – for example 50% – and pay rent on the rest of it. You can take out a New Build Mortgage to buy your share and though you’ll still need to put down a deposit, it’ll be smaller than if you were buying the whole property.

Traditional kitchen
 
A bedroom with a bay window

Help To Buy

Under the Help To Buy equity loan scheme, you need to put down a 5% deposit. The government will lend you a further 20% of the property price interest free for the first five years. That means you’ll only need a mortgage for the remaining 75% of the property price, reducing the amount you have to pay back each month.

After the five year interest free period finishes, you’ll be charged interest on your loan from the government at 1.75%. The interest rate will increase every year by the rate of inflation, as measured by the Retail Prices Index (RPI) plus another 1%.

 

You can repay the loan at any stage, but it must be paid off within 25 years. If you sell the house sooner than this, you must repay the loan when you move.

It’s important to note that you are only eligible to apply for the equity loan part of Help to Buy if the property you are purchasing costs £600,000 or less. There is no maximum income requirement, which means that even those on high salaries can qualify.

When it comes to choosing a New Build Mortgage, you can only use a repayment mortgage if you want to purchase your property using the equity loan scheme. A repayment mortgage means paying back a small amount of the money you borrowed from your mortgage lender each month, as well as interest. Each month, you’ll be reducing the total amount of your mortgage, until you come to the end of your mortgage’s term.

Interest rates can be either fixed rate or variable rate, and here at Avail Mortgages, we’ll help you find the right mortgage interest rate and mortgage deal for you.

Unsure if you’re eligible for the Help To Buy Scheme or the Shared Ownership scheme? Need mortgage advice because you’ve found a new build home you love? If you’re looking for New Build Mortgages services in Leeds or the surrounding areas including Huddersfield, Bradford, York or Harrogate, then please get in touch with our mortgage brokers today who are only too happy to help with mortgage queries and questions, and providing you with the best mortgage deals around.

 

Benefits Of New Build Homes

Considering a New Build Mortgage but wondering if a new build home is the right choice for you? There certainly are a lot of great new build home benefits, including:

  1. Guarantees: New build homes come with a 10-year NHBC warranty (new build warranty) covering structural defects. Most developers also provide their own two year warranty, giving you extra protection.

  2. High Building Specs: New build homes are built to the latest specifications, making major repairs unlikely in the first few years of residency. They tend to be more energy-efficient, too, so you could benefit from lower utility bills.

  3. Greater Personalisation: If you buy off-plan, you may be able to choose your house’s fixtures and finishes – without costing you extra.

  4. An Easier Property Chain: There’s no upward chain to deal with when you buy a new build home, which means you won’t be stuck waiting for someone to sell a property – whether that’s a house, flat, apartment or cottage – before you move in.

  5. Possible Buyer Incentives & Cash Incentives: Some property developers will try to persuade you to buy a new build home by offering to pay your legal fees or even your stamp duty tax – if applicable.

  6. Approved Schemes: Help To Buy and Shared Ownership schemes are available on new build properties, helping you to get on the property ladder sooner rather than later, and with greater ease and having to buy the house outright.

  7. New Build Mortgage Offer Extensions: New Build Mortgage offer extensions give you additional time to secure your new build property should there be any delays.

 

Why Choose Avail Mortgages?

Mortgage Expertise

We are experts in new build property, New Build Mortgages, and the related Help To Buy and Shared Ownership schemes. Right from the start, we’ll provide you with mortgage advice, taking your financial situation, reasons for choosing a new build property and mortgage interest rates into account. Whether you’d like a new build home as a starter home, believe it may be cheaper than renting, or fancy a more advanced home, our mortgage brokers will guide you through the options and ensure you make the right choice for you, and your family.

Best Mortgage Deals

£495. We charge a flat fee of £495 in 99% of circumstances. Only in special circumstances would this be more. This means that all of our new build clients are treated fairly, receiving the same high standard of service, from mortgage advisers who keep your needs at the forefront of our mortgage operations.

Technology

As well as a fantastic team of mortgage advisers and mortgage brokers, technology is key to our success, and greatly improves the New Build Mortgage process. From our mortgage calculator that can determine mortgage loan amounts through to our client portal that allows you to upload key documents for successful mortgage applications and new build applications – as well as sending you through mortgage recommendations and insurance quotes – our mortgage technology allows us to maintain our stress-free approach and provide our clients with a superior level of service.

Mortgage Support

Should you ever require any help, or have any questions about your mortgage, mortgage term or mortgage interest rate, please do not hesitate to contact our mortgage team. At Avail Mortgages, our mortgage advisers and mortgage brokers are always happy to help and want you to get the most out of your mortgage.

 

Get In Touch

For help with your New Build Mortgage we recommend contacting Avail Mortgages today. From the mortgage application right the way through to the mortgage loan, we make the mortgage process a smooth one. Our mortgage brokers provide help for all types of New Build Mortgage clients, including those located in Leeds and the surrounding areas of York, Bradford, Harrogate and Huddersfield. To find out more, please contact Avail Mortgages today.