New Build Mortgages
Trust the new build mortgage brokers here at Key Solutions mortgages.
We’re a ‘whole of market’ broker, so you can compare deals from nearly every lender on the market.
We’re an award winning broker, with a 5.0 rating on Trustpilot from over 2,700 reviews!
You won’t be put in a system, you’ll be put through to a person, who cares about you.
Buying a new build? We can find you an affordable mortgage on your new build property.
Over the past 25 years, we have worked with a wide range of major new build developers helping clients obtain mortgages and buy their new homes.
Throughout this time we have developed strong relationships with both mainstream and specialist lenders that provide new build mortgage products for properties whether being bought outright or through a government scheme.
These associations enable us to obtain access to exclusive new build mortgages and schemes. Plus, our criteria knowledge results in a quick, positive mortgage decision that gets you the very best mortgage in the quickest time possible; something very important with short developer deadlines.
We’ve helped thousands of new build mortgage borrowers in the UK get on the housing ladder.
Our new build mortgage brokers treat every client as an individual, making it easier for those looking to purchase new build homes to secure a mortgage. Whether you’re a first-time buyer or an existing homeowner looking to move, we can help no matter your situation. As a whole-of-market mortgage broker, we have access to nearly every mortgage product on the market. We also have access to exclusive new build mortgages and rates to help get you the very best mortgage for your circumstances.
We have strong relationships with new build mortgages lenders and will always start the process by giving you independent advice about your ability to get a mortgage. Careful research and preparation are essential before any mortgage application is made!
If you are considering a new build mortgage, please get in touch.
Find out how much you can borrow as a first time buyer with our free mortgage calculator.
Our calculator is designed to make things easier for you, giving you a quick guide on how much you can borrow for any residential mortgage.
We take live information from nearly every mortgage lender in the market to give you an idea of your personal mortgage affordability, based on your income and outgoings.
All you need to do is fill in your information and your mortgage affordability will be displayed to you in a matter of minutes.
What is a new build mortgage?
New build mortgages are specifically designed for those looking to buy a newly constructed property. These mortgages cater to the unique requirements and timelines involved in buying homes that are often sold off-plan (meaning they are bought before construction is complete).
Securing a mortgage for a new build property in the UK comes with its own set of specific considerations. By understanding the unique aspects of new build mortgages and working with new build mortgage brokers, you can make informed decisions and successfully navigate the journey to owning a brand-new home!
Extended offer periods:
New build mortgages often come with extended mortgage offer periods. Standard mortgage offers are typically valid for 3-6 months, but new build mortgages can extend up to 9 months, with some lenders offering up to 12 months, accounting for longer construction timelines and potential delays.
Higher deposit requirements:
Lenders usually require a larger deposit for new build properties compared to existing homes. For new build houses, deposits may need to be around 15%, and for new build flats, it could be up to 25%. This reflects the perceived higher risk and potential for value fluctuation in new builds.
Builder incentives:
Developers often offer incentives to attract buyers, such as covering stamp duty, providing free upgrades, or offering cashback deals. These incentives can make new builds more attractive which lenders may take into account and adjust the loan amount they are willing to offer.
Can you get a new build mortgage? Yes! Here’s how:
Initial consultation
Our new build mortgage brokers will meet with you to discuss your financial situation, including income, debts, and desired loan amount. Be upfront about your credit history; we can assess its impact and explain your options. In most cases, we will ask you to obtain a copy of your credit file so we can review it before we begin matching you up with prospective new build mortgage lenders.
Lender matching & pre-qualification:
We’ll search for lenders specialising in new build mortgages. Pre-qualification will give you an estimated loan amount you might qualify for.
Documentation gathering:
You'll need to provide proof of income (pay slips, tax returns), employment verification and bank statements.
Application & negotiation:
We will guide you through the mortgage application process for the chosen lender(s). We can negotiate on your behalf to get the most favourable interest rate and terms possible!
Why choose Key Solutions for your new build mortgage?
Your mortgage guaranteed
If we say you qualify for a mortgage, then we will stand by that decision and provide you with a 100% mortgage guarantee to you that you can get the funding you require. If we don’t, we will refund any associated cost you have incurred.
Your happiness guaranteed
Our advice to you is backed by our unique unconditional service guarantee which means if you are not happy with the service that we provide, just tell us why and we will immediately refund any fees that you have paid us.
Access to the mortgage market
As a trusted whole-of-market broker, we have access to nearly every mortgage product on the market as well as access to exclusive rates you won't get by going direct to a bank.
Quick and easy process
We will complete all research, administration and chasing on your behalf so you don’t have to worry about a thing! So leave it with us and your new mortgage offer will be with you quicker than you know it!
Mortgage Services
Making it easier to buy your new home
Our new build mortgage broker’s advice is also backed by our unique unconditional service and 100% mortgage guarantees which means you can proceed with us in absolute confidence that you will get a guaranteed mortgage and the very best service! Read more about our guarantees.
If you are interested in purchasing a new build property and need to arrange a mortgage or new build finance, give our team a call on 0800 138 5856 or get in touch below.
If you would like to quickly understand how much you could borrow you can also complete our mortgage calculator.
FAQs about New Build Mortgages
Is it harder to get a mortgage for a new build?
It can be harder to get a mortgage for a new build property compared to an existing home. Lenders may have stricter criteria for new builds, for example requiring a larger deposit. This is because new build properties are more likely to fall in value in the first few years compared to older properties which tend to increase in value.
When do you start paying mortgage on a new build in the UK?
You typically start paying your mortgage once the property is complete and you have received the keys. However, if you are purchasing the property off-plan, you might need to arrange a mortgage offer that remains valid for an extended period until the build is complete.
How much deposit do you need for a new build?
For a new build, lenders usually require a higher deposit compared to existing properties. Generally, you might need at least 15-20% of the property’s value as a deposit. Some lenders might offer 10% deposit options, particularly for first-time buyers or those using government schemes.
Are mortgage rates higher for new builds?
Mortgage rates for new builds can sometimes be higher than those for existing properties. This is due to the perceived higher risk associated with new builds. However, rates can vary significantly between lenders, so it’s important to shop around.
Who lends for new builds?
Many mainstream lenders offer mortgages for new builds, including high street banks and specialist mortgage providers. As a whole-of-market broker, we have access to nearly every mortgage available, so if you’d like to find out more about your options, please get in touch!
How much deposit do I need for a £300k house in the UK?
For a £300,000 house in the UK, you would typically need a deposit of at least £30,000 (10%) to £60,000 (20%). The exact amount may vary depending on the lender’s requirements and the specific mortgage deal, so why not check out our mortgage calculator?
How much can I borrow for a new build?
The amount you can borrow for a new build depends on your financial circumstances, including your income, outgoings, credit history, and the lender’s criteria. Generally, lenders offer up to 4.5 times your annual income, but this can vary.
Are new builds overpriced?
New builds can sometimes be priced at a premium compared to similar existing properties. This is due to factors such as modern fittings, warranties, and energy efficiency. However, they can also offer good value in terms of lower running costs and reduced maintenance.
Are new builds a good investment?
New builds can be a good investment due to their modern amenities, energy efficiency, and lower maintenance costs. However, they may initially depreciate in value once purchased, similar to a new car. Long-term value depends on the property’s location, market trends, and build quality.