Recognising that the New Homes market is becoming increasingly prominent, we now have a specialist New Build team providing the best advice to our clients. During the 2016/2017 financial year 217,000 new homes were built in the UK, exceeding the Government target of 200,000.
- We have access to many specialist products, not readily available on the High Street or to the majority of other mortgage brokers, which are specifically tailored to new build properties.
- We are familiar with all of the requirements and legislation surrounding new build property and have an intimate knowledge of Government backed schemes such as Help to Buy and Shared Ownership.
- We understand developer’s expectations of their purchasers in terms of their timescales. Our mortgage advisers will ensure that your mortgage application is processed in the most effective and efficient way to secure the property you want.
- As a firm we have established relationships with a number of developers ranging from smaller local and regional companies to the larger national house builders, and are the broker of choice they use to qualify and advise their purchasers.
In the UK there are currently fifteen different Government or Local Authority backed schemes available for new build homes. These can be found at https://www.ownyourhome.gov.uk/. These schemes are particularly important as the average age of a first time buyer in the UK is now 36, which just goes to show how hard it is to get on the property ladder. One such scheme, and probably the largest and most well known is Help to Buy.
Help to Buy Mortgages
The government has created ‘help to buy’ scheme to help hard working people get on to the property ladder, there are various forms of help to buy but the equity schemes are only available with participating new home developers. Since its creation Help to Buy has helped approximately 92,000 people buy a home; of which 79% are first time buyers. Roughly a third of all New Build property nationally is now purchased supported by Help to Buy.
Help to Buy Equity Loan
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
London Help to Buy Equity Loan
To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%.
