Is a new build mortgage different?
Yes and No. Technically they’re the same and you should get the same offer, brick for brick that you do for a new build mortgage than you do for a ‘normal’ mortgage; new build mortgages at 90% ltv should still be feasible even if they’re not common.
However, lenders do have a habit of treating new build mortgages differently sometimes – new builds can be more volatile financially, with prices fluctuating as the housing market does; so lenders may decide to lend you less or require a higher deposit.
If you need a smaller deposit, then you can also look into the governments Help to Buy scheme: Help to Buy: Equity Loan is open for first time buyers only from the 1st April 2021 to the 1st March 2023 and makes it possible to buy a home with just a 5% deposit whilst Help to Buy: Shared Ownership deposits are typically much lower than buying traditionally.
How do I get a new build mortgage?
Talk to your friendly independent mortgage adviser and they’ll be able to recommend the best options for your circumstances.
Can you still get new build mortgages at 90% ltv?
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