New Build Specialists
Evolve Financial Solutions are specialist new build mortgage brokers. Our team help customers buy their dream homes with a large number of national and regional new build developers.
For customers buying a new build home we offer FEE FREE advice on mortgages and insurance.
As a valued customer you will also receive free 'Evolve Lifetime' membership, a fee free service for any future purchases or remortgage advice.
BUYING A NEW BUILD PROPERTY
There are many benefits to buying a new build property; including energy efficiency and your choice of finishes. There is also potential for the value of your property to increase to more than you paid for and we can advise on the various new build schemes available. Buying a new property also means that you will avoid being caught in a chain and the property will come with a 10 year National House Building Council (NHBC) warranty.
Shared Ownership
Shared Ownership schemes allow you to purchase a share of a property. This can be from as low as 25% up to 75% of the property value. You will pay rent on the remaining share not purchased, but will have the option in most cases to purchase a further share in the property (known as staircasing).
The minimum deposit is 5% of the share that you are purchasing which can be from savings, equity from the sale of your property or a family gift.
There is no maximum purchase price but it is subject to your individual affordability which we are experts in assessing.
We work very closely with a large number of Shared Ownership providers, so we are experts at helping customers through the application process.
Discounted Market Scheme
Discounted Market Value Schemes are another available option for developers to build affordable homes for local people.
Typically these properties are sold at 80% of the open market value and a minimum 5% deposit is required based on the 80% price.
Unlike a shared ownership scheme, there is no rent to pay on the remaining interest held by the Council or Housing Association
You can generally only purchase a property under the DMS scheme if the property is in the area that you either live or work in and your household income must be below the limit stated.
New Build Mortgage FAQs
As the name suggest a 'new build' is a property that has been recently built. You will be the first owner of that property.
This means that you will be buying the property before it is physically built.
When buying any property your fist priority should be to make sure your finances are in order. Work out how much you can afford, use our handy mortgage calculator and make an appointment with one of our team to discuss your options.
You will often be able to choose the finishes and decoration for your new home as part of the purchase. New-builds can also be more energy-efficient than older properties with better loft insulation etc. There is also potential for the value of your property to increase to more than you paid for. Buying a new property also means that you will avoid being caught in a chain and the property will come with a 10 year National House Building Council (NHBC) warranty.
When buying at this very early stage, it's a good idea to research your developer and their reputation. Ask your developer when you'd be expected to complete. This is because you might want your mortgage lender to extend or renew their offer, sometimes more than once. You can end up paying multiple additional fees for re‐valuation.
If you are buying off-plan then you may have to pay a fee to reserve the property. Once this has been done you will need to arrange a mortgage. Buying off plan means that the borrowing and value will be based on a surveyors valuation of the plans and spec. When purchasing a new build there are extra dates to consider. The 'short stop' date when your developer plans to have your build finished and the 'long stop' date when they MUST be finished!
As brokers specialising in new build mortgages we have a wealth of experience in finding our clients the right mortgages for their personal circumstances. We can advise on all of the options available and arrange competitive deals by dealing directly with lenders. We can keep on top of developments and alert you to the next part of the process during what can be a quick turn-around time.
Looking for more information, why not check out our general mortgage FAQ's or contact us directly.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £395.