When do you apply for mortgage on a house not yet built?

DiscoCat54

I used the mortgage broker suggested by my developer and he was instrumental in securing me a good part ex offer. My negotiating skills clearly weren't up to the job so he stepped in and squeezed a few more k out of the builder.

poppysarah

Abbymoo wrote: »

So it's normal then. That's a relief. I think I read these boards too much. I'm terrified they're going to screw us over coz we're hopelessly naive! :eek:

If they can at all they will.

Not because you're naive but because they are in business.

Get professional legal advice.

And look at other houses that are already built.

Over the years there have been all sorts of issues posted about on this forum and others about the cr$p builders do when people buy a house before it's built.

It might have a huge pillar in the middle of the open plan room. It might have different room sizes.It might be ...........

Go find a house that's built already and buy that. You'll probably save tons of money too.

Fire_Fox

Abbymoo wrote: »

So it's normal then. That's a relief. I think I read these boards too much. I'm terrified they're going to screw us over coz we're hopelessly naive! :eek:

Then back off and do a lot more research into the process and pitfalls! Do not pay a reservation fees nor agree to see their financial advisor before fully understanding the implications. Every story you swallow could cost you thousands of pounds. You do not need to/ should not see their tame financial advisor, you should get the developer to write down the deal and see your own independent mortgage broker and instruct your own unbiased solicitor.

You do understand that once you exchange contracts you are bound to purchase the property, even if your circumstances change and you can no longer raise a mortgage or the market falls and the house is worth less than you offered? Do you also understand new builds cost extra for the 'newness', like a brand new car which is worth less the second you drive it off the forecourt?