When purchasing a new build there are just a few extra things to be aware of before you get started.
Regardless of the type of property you’re buying, we always advise that you’re as organized and as mortgage ready as possible so you are in the best position to move forward. When it comes to buying new build homes, you need to be even more ahead of the game as when you put down a deposit, you often only have 28 days to exchange contracts.
Some property developers have been known to offer incentives if you buy their property. These can include: wavering stamp duty, reducing legal fees, for example. Developers tend to do this rather than reduce the price of the property, and these incentives can work well with first time buyers who are looking to cut costs wherever possible. Some lenders have issues with certain incentives and how they are used but with our vast experience within the new build sector we will make sure we proceed with the incentive friendly lenders and position it in a way to make sure you get the right deal.
Any mortgage offer is only valid for six months, so you’ll need to bear this in mind when it comes to applying for your mortgage. If you are buying off plan a lot of the completion dates might be over this period of time, here at Angel Financial Solutions we have a wealth of experience with dealing with future completion dates and we will make sure your mortgage offer is able to extend within the timescales that are required.