New build mortgages

If you you’d rather not bother with sanding floorboards or stripping wallpaper when you move in, a new build home might be best for you.

New build mortgages

A home that's uniquely you

If you you’d rather not bother with sanding floorboards or stripping wallpaper when you move in, a new build home might be best for you.

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What is a new build mortgage?

There are loads of benefits to buying a new build home. Because it's brand new, you can make a new home a space that feels unique to you. New build homes are usually in better condition than older ones, meaning you won’t need to spend time and money on upgrades or repairs. 

However, buying a new build home can get a little complicated, especially if you're buying off-plan. Because building work can last longer than expected and there’s no physical building to inspect, sometimes, providers can view new build mortgages as risky investments. As a result, it can be slightly harder to secure a new build mortgage, and they can come with higher interest rates.

What should I keep in mind?

Some people choose to buy a new build home once construction is complete, allowing them to visit the home itself and get a feeling for its size and location.

In many cases, however, buying a new build home after construction isn't possible. You might face stiff competition from fellow buyers, all keen to secure their purchase. That's why new build homes can also be bought ‘off-plan’ before or during the property's construction. 

If you're buying off-plan, you should be aware that mortgage offers are usually only valid for around six months. If you put down a deposit on a new build home that takes longer than expected to complete, your lender might not be able to extend your mortgage offer. If that happens, you'll have to find an alternative way to fund your purchase or risk losing your deposit.
 
That makes it all-important to get your timing right. You’ll need to decide when to apply for the mortgage and  when to making an offer on a new build home. It's worth speaking to a new build mortgage adviser to get as much insight as you can before you go ahead with your mortgage application.

You'll need to consider:

  • Timing your mortgage application wisely
  • Paying a registration fee and deposit, which can be higher than the requirement for older homes
  • Your mortgage offer expiration date and the possibility of extension if there are delays in construction.


You'll also need to demonstrate that you have:

  • The funds available to purchase the home through a combined mortgage and deposit
  • A stable income or a high level of savings
  • A good credit history.

How can Trulife help?

We understand that buying a new build home comes with its own complexities. That’s why we take great care to help you understand all you need to know about the new build mortgage process. We'll also make you aware of any schemes you might qualify for, including Help to Buy. 

We'll offer support on:

Making an offer on a new build home

Making an offer on a new build home

Applying for a mortgage at the right time

Applying for a mortgage at the right time

Any question you have about new build mortgages

Any question you have about new build mortgages

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What next?

If you’re thinking of getting a new build mortgage, talk to Trulife. We’ll quickly connect you with a member of the team and give you guidance on all things mortgages.

Let's chat

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