New Build Mortgages

Buying a newly built home can involve a reservation fee, an early exchange deadline and a completion date that changes as construction progresses. We help you understand the mortgage steps and coordinate your application with information from the developer and your conveyancer.

Speak to us before reserving

An initial mortgage discussion can help you understand a possible budget and the lending options relevant to the proposed property. Before paying a reservation fee, check the developer’s terms, refund conditions and deadlines. A decision in principle is not a guaranteed mortgage offer.

Deposits and lender criteria

The required deposit depends on the lender, property type, purchase price, and your circumstances. Criteria for newly built houses and flats can differ. We review the proposed property and your finances together, rather than assuming the same mortgage options apply to every development.

Developer incentives

A developer may contribute to your deposit, legal costs or other incentives. Tell your conveyancer and us about the full package before an application is made. Incentives must be disclosed to the lender and may affect the valuation or amount available to borrow. Your conveyancer can explain the contractual terms.

Mortgage offers and construction timescales

A property bought off-plan may not be ready when the mortgage offer is issued. We help you check the offer expiry date against the expected completion date. If construction is delayed, you may need an extension or a new application, subject to the lender’s criteria and checks. An extension is not guaranteed.

Purchase schemes and additional borrowing

Some developments may offer eligible buyers access to a purchase scheme or additional funding arrangement. Availability and terms vary. We can discuss whether a scheme may fit your circumstances and how it interacts with the mortgage. Understand the eligibility rules, ownership arrangements, future payments and repayment obligations before committing. Your conveyancer should explain the legal documents.

Planning for the full cost

Allow for the deposit, reservation payment, legal work, moving costs and any property tax due. Check whether the reservation payment is credited towards the purchase price and what happens if the transaction does not proceed. If the property is leasehold or has an estate charge, ask your conveyancer to explain the ongoing commitments.

Frequently asked questions

Can I apply before the home is built?
It may be possible, depending on the lender, the development, and the expected completion date. Tell us whether the property is complete, under construction or being purchased off-plan.

Can a developer contribution replace my own deposit?
The answer depends on the lender’s criteria and the incentive arrangement. We need the complete details before assessing options.

What if completion is delayed?
Contact us as soon as the developer gives you an updated date. We can discuss the mortgage implications and any steps needed before the offer expires.

Do new build schemes guarantee mortgage approval?
No. The lender must still assess affordability, eligibility, and the property, and each scheme has its own conditions.

Let’s discuss your new home

Tell us the development, property price, reservation status and expected completion date. Meet us by appointment in Accrington or speak to our team by phone or online from anywhere in the UK.

Discuss a New Build Mortgage

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.