MOVA / New-Build Mortgages
New-build mortgages.
A plan that keeps pace.
Reservation deadlines, incentives and build dates can make a new-build purchase feel different. Bring the developer’s information into an early conversation with Steven.
Initial conversation at no cost · No pressure to proceed
Start with what matters to you.
You do not need to choose a product before getting in touch. Bring your plans and your questions; Steven will help you understand the next step.
Three things to clarify
Plan your new-build mortgage.
The reservation
Understand the price, deposit and the dates you are being asked to work towards.
The mortgage offer
Check its validity and what happens if construction or completion is delayed.
The full purchase details
Tell the lender about incentives and the property specification through the proper application process.
Talk before a deadline becomes pressure.
A developer’s reservation or exchange timetable does not guarantee a lender can work to it. Share the intended purchase, expected completion date and any incentives as early as possible. Mortgage availability depends on you, the property and lender criteria.
Keep the offer and the build timetable together.
New-build offers can have different validity periods and extension arrangements. Do not assume an offer can simply be extended. Changes to the property, build date or your circumstances may need to be discussed with the lender.
- Check the expiry date in the actual mortgage offer.
- Keep Steven and your conveyancer informed if the developer changes the timetable.
Understand what is included in the deal.
Cash contributions, deposit support, upgrades or other incentives can affect a lender’s assessment. Describe the full arrangement rather than only the net amount you expect to pay. Your conveyancer will also need to advise on the legal and warranty information for the purchase.
Your questions, answered
Clearer on the detail.
Ready for the next step.
Have a question that is specific to you?
Are the rules the same for every new build?
No. Lenders can distinguish between houses, flats, property types and levels of borrowing.
What if completion is delayed?
Tell Steven promptly. The lender’s actual offer terms determine whether an extension or further assessment is possible.
Can a first-time buyer enquire?
Yes. We can discuss the first-time buyer and new-build parts of your plans together.
A practical next step
Talk through your plans
with Steven.
An initial conversation can help you understand where to start and what information may be needed next.
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The amount will depend on your circumstances and will be explained and agreed before you choose to proceed.