Mortgages for New Build Houses
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Compare Mortgages for New Build houses
If you are interested in purchasing a new build house, the good news is that there are Government initiatives in place to help you do so. Newbuy, launched in March 2012, aims to help people in England buy a new build house.
The scheme offers buyers the opportunity to secure a high loan-to-value (LTV) mortgage, which will require a lower deposit than is usually required for home purchase.
How does NewBuy work?
The Newbuy scheme is intended to benefits both first time home buyers, and people who might otherwise find it hard to raise a substantial deposit for a house. Another aim of the Newbuy scheme is to help boost the British construction industry by spurring on the building of new homes. You may be eligible for the NewBuy scheme provided that you have a deposit of at least 5% - this is a smaller deposit than is normally required to secure a mortgage.
Getting mortgages for new build houses
Some of the potential reasons why you might want to consider a new build house could include:
- Affordability – Government schemes such as NewBuy foster links between property developers and mortgage providers, which can help purchasers access higher LTV mortgages than might be available to them if buying an older property.
- Low deposit requirement – With the help of schemes such as Newbuy and Help to Buy, it may be possible to get a mortgage on a new build house for as little as a 5% deposit
- Brand new condition – New build houses come with the latest decoration and features so you shouldn’t find that you need to budget for remodelling or decorating when you move into the property
- Eco-friendly – New build houses often have very high standards of energy efficiency and good insulation, and may also be made from sustainable materials.
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