What is a 'new build' property? As the name suggest a 'new build' is a property that has been recently built. You will be the first owner of that property.

What does 'buying 'off plan' mean? This means that you will be buying the property before it is physically built. 

What do I need to do before buying a new build property? 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 dicuss your options.

What are the benefits of purchasing a new build property? 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. There are various schemes to help in the purchase of a new build (like the Help to Buy scheme). 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.  Read our blog post on 'Why Buy New Build' for more tips.

Buying 'off-plan' - how does it work? 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.

What is the process for buying a New Build? 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!

How can Evolve Financial Solutions help me with my new build process? 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.

 


Read our blog article: Why new build and what are the benefits?