Mortgages and New Builds

tigerminxy

How does it work when you're trying to get a mortgage for a new build? We've seen a property we like and, if we go for it, it's going to be 10 months, possibly a year, before it's completed. We're ok with cash for the deposit on exchange but what do we do about the mortgage?

How far in advance can we apply for the mortgage? If we're not sure when the house is going to be ready, what do we do to make sure we don't lose a good mortgage or lose a booking fee?

And what happens with the valuation? Can we get away with paying a lower fee for these if it's a new build?

andrewbrydon

There are lenders who will offer you their standard variable rate with no valuation fee, then when completion comes nearer you switch to a fixed,or discount rate.
Some lenders will keep offers open for 12 months on new builds
speak to a broker

good luck