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Mortgage on a new build that won't be completed for 8+ months

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  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Scott9824 wrote: »
    It's a large developer (Barratt Homes), the development is more than half built, with around 80-90 houses currently occupied.

    why buy a new one in 8 months, chances are there will be one for sale second hand cheaper and have been snagged before yours is ready.
  • Scott9824
    Scott9824 Posts: 13 Forumite
    Thanks all.

    I have reserved it and I intend on going on with it and exchanging contracts. I will most likely pay Halifax the valuation fee (£315) and then look for other mortgages closer to the time, losing the valuation but getting a better deal. Alternatively I always have Halifax to fall back on.

    I don't want a second hand home :)
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    Caveat Emptor.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Scott9824 wrote: »
    I don't want a second hand home :)

    Is this your first house?

    Crack in walls,

    Builders rubble in the garden,

    plumbing issues.


    I hope you or someone knows how to snag before you take it over.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Scott9824 wrote: »
    Alternatively I always have Halifax to fall back on.

    There's no guarantee once your original mortgage offer lapses.
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