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New build mortgages?
yinhong
Posts: 137 Forumite
I've been recommended (by the estate agent) to look for a mortgage from a company called Meridian who they say specialises in new builds.
From what I can tell, new build mortgages often allow for special offers like homebuy and shared equity. But we have a good deposit - 50% - and would like to own the whole property.
Do we need to look for mortgages specifically designed for new builds, or would 'regular' mortgages be ok?
If so, is there, at the moment, a general recommendation for the best mortgage for someone with a big deposit?
Many thanks.
From what I can tell, new build mortgages often allow for special offers like homebuy and shared equity. But we have a good deposit - 50% - and would like to own the whole property.
Do we need to look for mortgages specifically designed for new builds, or would 'regular' mortgages be ok?
If so, is there, at the moment, a general recommendation for the best mortgage for someone with a big deposit?
Many thanks.
0
Comments
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What is your definition of best? Lowest rate, longest fix, lowest fees, etc etc?
No such thing as a best mortgage. There is a 'most suitable' mortgage for your circumstances.
At 50% Loan to Value you should have the pick of the deals available to you.
Have a chat to a broker and see what you can find yourself.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks. So to clarify, there isn't a specific special rate/offer for new builds that I should be looking for? I should just be looking at 'standard' mortgages?0
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New builds are restricted by most lenders on Loan to Value. At 50% you will have no issue with this particular criteria.
You will get people telling you new builds are overpriced etc. May well be true on some levels but if you are happy with the property and the price then that is up to you. 10 year guarantee and maintenance free is a plus side of a new build.
As far as mortgages go you should not need anything other than a standard mortgage. You are buying 100% of the property so no shared equity deals or similar needed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sounds to me like the EA is just trying to recommend a particular company to you. Shop around, see what you can get elsewhere and see how what they are offering stacks up against the competition. As GMS says, you don't need a "special" mortgage because it's a new build.Officially in a clique of idiots0
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Thank you.0
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For the largest purchase of your life take advice from independant financial professionals.I've been recommended (by the estate agent)0
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