New Build Properties:

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At Breeze Mortgages, we specialise in handling mortgage applications for New Builds, sometimes these purchases aren’t as straightforward as you would think, but don’t worry we have over 10 years’ experience in assisting with these types of purchases.

Apply online now or get in touch for a friendly chat with an expert.

Help to Buy:

If you’re looking to purchase a New Build property in England and only have a deposit of 5% of the property price to put down, you may be eligible for the Help to Buy equity loan scheme.

This scheme was opened to new applications from 16 December 2020 and will run until 31 March 2023.

Remember, you need a deposit of at least 5% of the purchase price. You can borrow 20% (40% in London) of the purchase price. This amount is interest free for five years. After that there is a 1.75% annual charge, which increases each year by the rate of inflation, plus 1%.

The maximum purchase price for a Help to Buy property depends on what region of England you live in. Our table shows the maximum cap for different regions in England.

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This must be used to buy your main residence and can’t be used to buy a second home or a buy-to-let property.

At Breeze, we can tell you if you qualify and the maximum purchase price you would be able to afford. Then we can recommend the best lender and deal depending on your situation, as well as importantly checking that Help to Buy is available through your chosen lender and you fit their criteria.

New Build Definition and Criteria:

A New Build property is a brand new property that has never been occupied before.

New Build properties often appeal to buyers, as they typically come with a warranty such as an NHBC certificate, which protects you if there are any defects in the building work for a specified period after construction. 

It’s possible that you’ll be given the opportunity to personalise your own fittings and finishes, such as designing your kitchen and bathroom, and you might be offered builder incentives, such as stamp duty fees, cash deposits, and property upgrades.

One of the primary advantages of purchasing a New Build property is that it is unlikely to require the same amount of maintenance as an older property. Additionally, due to modern building methods and better energy efficiency, your energy bills may be significantly lower than those for older homes.

One downside is that obtaining a mortgage for a New Build property can occasionally be more difficult than for an older home. Certain lenders impose more stringent limits on the maximum property value for which they will provide a mortgage. For instance, many lenders restrict the loan-to-value ratio to 90% for a New Build house, or 85% for a flat, whereas they may be willing to offer up to 95% for an older property.

Our mortgage experts can assist you through this, there are certain high street lenders who can lend up to 95% on New Build houses and flats.