Buying a new build offers a range of benefits that make it an appealing option for many homebuyers. First, new build homes come with modern, high-spec features that are designed to save you money and make life easier. For example, they are generally far more energy-efficient than older properties, meaning lower heating bills and fewer unexpected maintenance costs. The latest in electrical and fire safety standards also provides added peace of mind.
Additionally, new builds often come with a variety of incentives from builders that are not available when purchasing an older home. These can range from financial incentives like cashback on your deposit, to part-exchange schemes that help take the stress out of selling your current property. Furthermore, many new builds come with warranties, which offer protection in case any issues arise within the first few years of owning the property.
Another key advantage is the potential for customisation. New build homes often offer you the opportunity to personalise certain aspects of the property, such as fixtures, finishes, and sometimes even the layout, allowing you to move in and feel right at home straight away. With no previous owners to consider, you’re starting fresh with no concerns about past modifications or issues that could arise from an older property.
While the benefits of buying a new build home are clear, the process of obtaining a mortgage for a new build property can come with its own set of challenges. One of the main hurdles is the valuation process. Many lenders can be cautious when it comes to valuing new build homes because they are typically priced at a premium compared to older properties. As a result, securing an adequate mortgage loan-to-value (LTV) ratio can be more complicated than for other types of properties.
Another challenge is the potential for delays. While new builds are attractive because of their untouched condition, the construction process can sometimes run behind schedule, meaning your mortgage offer may expire before you can move in. Additionally, developers are known to offer enticing deals and incentives, but these may not always align with lender requirements, complicating the application process. At Zing Mortgages, we’re here to ensure that all deals and incentives meet the necessary lender criteria.
A new build mortgage is often subject to more specific conditions, and these can vary significantly between lenders. This can leave you feeling snowed under with paperwork and information to sift through. Our expert team at Zing Mortgages can help streamline this process, making sure you don’t miss out on potential savings or offers that suit your circumstances.
Zing Mortgages specialises in handling these challenges, working closely with you and the lender to secure the right deal for your situation. With years of experience and access to exclusive new build mortgage products, we take the confusion out of the process, ensuring that the mortgage process runs smoothly from start to finish.
Mortgages for new build properties aren’t fundamentally different to those used for the purchase of lived-in homes. However, depending on your circumstances, you could benefit from schemes and deals designed to make home ownership more affordable.
At Zing, we’re here to help you throughout your mortgage application. From your first enquiry through to completion - we’re here to make the whole process easier for you.
You can apply for a mortgage on a new build property once you have a firm agreement to purchase, which includes a set exchange date. Your new build mortgage broker will guide you through the timing and application process to ensure everything is aligned.
New build mortgages work similarly to traditional home loans, with the main difference being that lenders may have specific criteria for new build properties. These can include higher deposit requirements and scrutiny of the property’s value. A new build mortgage specialist like Zing Mortgages will help you navigate these criteria to help find the best deal.
For most new build mortgages, payments typically begin once you’ve completed the purchase and moved into the property.
While the process of obtaining a mortgage for a new build home isn’t necessarily easier, there are special schemes and incentives available for new build purchases, which can make it more affordable. Our experts at Zing Mortgages can help you navigate these benefits to help secure the best deal.
A new build mortgage broker like Zing Mortgages can help you secure the best mortgage for your new build home by understanding the intricacies of the market and guiding you through the application process. Our expertise ensures you don’t miss out on available schemes, discounts, or exclusive mortgage deals.
Efficient and Excellent Experience
1st time buyers and they made the whole process really easy from start to finish. Kept us up to date throughout and answered any questions we had strait away. Thank you Zing
Best choice we made
Gary was patient & understanding when dealing with our mortgage. Ellie was brilliant with weekly updates that increased to daily as we neared completion. Can't thank the team at Zing enough, would recommend to anyone.
Great service
Great service from start to finish. Lee was very knowledgable and got us the deal we where looking for. Was kept informed and he was always available, or called us back. Would highly recommend.
Excellent
Very nice service I will recommend it to my friends and if I need will use again. Very big thanks for Ian.
Good overall service
We have used zings services for a number of years now and have always been very happy with there services, although we had a bit of a slow start this time everything was completed well and would recommend them again for the future.
Would recommend
They chased the solicitors continuously for what was a long tome! They kept me up to date throughout which I really appreciated
