With the uncertainty of Brexit and with a general cooling of property price increases, there is a risk that the property you’re buying will be worth less than you agreed to pay on exchange of contracts.
Can a new-build mortgage application be complicated?
Getting a mortgage for a new-build property can be challenging. If you are buying off-plan, you will need a mortgage offer that is still valid when the property is complete. Some lenders may under value new build properties.
Can I use the Help to Buy Scheme?
Yes, the Government could provide funding for up to 20% of the purchase price, for more details look at our Help to Buy Video here.
How much can I borrow on a new-build mortgage?
Unless you are using the Government Help to Buy scheme which only requires you to contribute a 5% deposit, most lenders will be require you to contribute a 10% deposit on a new build. To find how much you can borrow click here.
What Stamp Duty do I pay on a new build property?First time buyers don’t pay any Stamp Duty on property purchases up to £300,000 or £500,000 for shared ownership properties. To calculate what Stamp Duty you will pay click here.