Cashback Remortgages · Property checks
New-Build Mortgages: What to Check
Buying a new-build brings timing and valuation issues resale purchases do not. Lenders have specific rules and deadlines can pressure the process.
Deadlines and offers
Developers set reservation and exchange deadlines, while a mortgage offer has its own validity period. If these do not align, ask what happens rather than assuming. Disclose any builder incentive, as it affects the lender and conveyancer.
Some lenders limit lending on certain new-build flats.
Valuation
A lender's valuation may differ from the price, and a down-valuation can change the deposit needed. Prepare documents early and keep your adviser informed of the developer's timetable.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.