New build

Our mortgage eligibility tool is a great place to start. Fill in a few basic details to see what you can borrow without affecting your credit rating.

If you’re a first time buyer, the Help to Buy scheme could help you buy a new build home. Find out more on the government’s Own Your Home website.

You can try. Developers will often offer incentives such as including carpets or flooring. If they have a particular house or flat they’re keen to sell quickly because it’s nearly built they may be more generous. 

By putting down a reservation fee the property is yours for a set period of time. The builder or developer can’t sell it to another buyer. The period is often 28 days, by which time the builder will want to have exchanged contracts with you. Usually, the reservation fee is put towards the purchase price but do check.

Most builders have a part exchange policy if you have a property already that you’d like to sell. A great advantage to part exchange is that it removes the stress of you having to sell your existing home.

It’s important to understand the value of your property, so get a valuation from an estate agent. The developer is likely to offer you less than the valuation because they need to buy your home at a price which means they won’t be out of pocket on when they sell it. 

With a freehold property you own the house as well as the land it stands on. With a leasehold property, the land the building stands on is owned by the freeholder. You will only have ownership of the property for a set period.

Generally, flats are leasehold and houses are freehold. Owning a leasehold property normally involves paying a ground rent to your freeholder. 

If you’re buying a new build property that is leasehold, the lease should be long enough for you to never have to extend the lease or have a short lease remaining should you want to sell. 

A new build management company is the organisation that is set up to maintain the communal areas in a development. This could include roads, footpaths, play parks, green spaces and any landscaping. The company will employ gardeners and other tradespeople to carry out maintenance and repairs on these shared spaces.

Each property will pay a management company fee which collectively covers the costs of the management company.

Yes, the mortgages work in exactly the same way. There are many options available for new build mortgages. Some, but not all, lenders require you to have a larger deposit for new builds. Rather than working it all out, speak to us.

This a mortgage where you get a discounted rate and/or cashback if your home has an energy performance certificate (EPC) rating of A or B, or your buy to let property has an EPC rating of C or above.