When looking for a mortgage on a new build property you need to keep in mind that developers work towards strict deadlines which means you are usually given 28 days from putting your deposit down to the point of exchange. It is better for you if you start the mortgage process as soon as you can to adhere to these deadlines. Here at LTC Mortgages we can work to these deadlines so that you get the perfect new build property for you.



Your mortgage offer will be valid for 3-6 months which means that you need to complete before this expires, if the offer needs an extension to give you more time to complete then we can look into that with the lender, but the length of time given varies with each lender. Lenders do offer specialised new build mortgages which may include a longer period on your mortgage offer just in case there are delays with the developers.

We have access to the whole of the market when it comes to mortgage lenders so we can weigh up the options that are available to you when looking for a new build mortgage. If your mortgage offer was to expire or issues pop up during the process then we can get those sorted by securing a new offer.

If you are a first time buyer looking to buy a new build home then you may qualify for the Help to Buy mortgage scheme, all you need is a 5% deposit and the property needs to be your main residence upon completion and not rented out. You can receive up to 20% of the property’s value as a Government equity loan – and the rest is taken out as a Help to Buy mortgage – for example, 75% mortgage, 20% equity loan, and a low 5% deposit. The value of the property needs to be £600,000 or below for you to be eligible for this. The homebuilder must be Help to Buy registered.

Some developers have the option of a shared ownership mortgage, this is when you buy a percentage of the property and pay rent on the remaining percentage to the housing association. This gives first time buyers the chance to get onto the property ladder as you can buy more of the remaining percentage throughout your mortgage term.