New Build Homes

What are new build homes?

The housing market has become a lucrative investment for many people over the last few years; this has made it harder for first time buyers to get on the property ladder. Due to this, there has been more investment in new build homes to help younger people buy their first home. These homes have never been lived in, in some cases are still being built when the applicants apply for the new build mortgage.

Why would you choose a new build?

There are many reasons to buy new build homes over an existing property and each buyer may have different reasons for choosing them. It could be the schemes the Government currently has in place for first time buyers, or to have a completely new and unlived in property.

No chain

New build homes are just that, brand new. There is no chain of owners buying and selling ahead of you so you don’t need to wait for the current occupants to buy their new property before you can complete on your new construction mortgage. A new build essentially lets you move in as soon as the property is built.

Ready to go

New build homes are usually kitted with a fitted kitchen and the bathrooms are tiled and fully plumbed. Your new build home is essentially a blank canvas, where you can move in and start living.

Better utility costs

Due to the changes in building regulations over time, new builds have to be compliant with stricter business codes. New build homes have to be much more energy efficient and this in turn means cheaper utility bills.

Smart homes

For the more top-spec new build homes, they can come with the latest technology. There are features that are integrated into everyday living and are referred to as “smart homes”. With the addition of smart devices and smart plugs, you can turn different devices on or off with your voice.

Who may need mortgage advice for new build homes?

First time buyers

A new build mortgage advisor can be essential in finding the right new build homes in your budget and location. As a first-time buyer, it can be overwhelming to see all the necessary checks and steps needed to even be accepted in principle. A new build mortgage advisor can help navigate the legal hoops needed to get your home.

Shared ownership

There are schemes available for first-time buyers. Depending on your circumstances, you can use government backed schemes to get your first home. A new build mortgage advisor has the necessary knowledge to find the scheme that works best for you. Shared ownership scheme will help with a lower mortgage but you could be paying up to 75% of the house price as rent.

Disclaimer:
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayment on your mortgage.