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Mortgages for new build flat - first time buyer
gyphorz
Posts: 13 Forumite
Hi
I am in the process of buying a new build flat and the developer told me that they do not accept the help to buy scheme. Their mortgage adviser said that I need a 20% deposit.
My income : £45,000
New build flat value : £211,000
No debts, no student finance, good credit score, no children.
Would be looking to get the mortgage for 30 years (i am 25).
I currently have 10% deposit. I COULD potentially get another 5% if 10% is not possible (it would mean that i would not have cash to buy furniture). Are there any mortgage lenders that offer 10% for new build flats
I am in the process of buying a new build flat and the developer told me that they do not accept the help to buy scheme. Their mortgage adviser said that I need a 20% deposit.
My income : £45,000
New build flat value : £211,000
No debts, no student finance, good credit score, no children.
Would be looking to get the mortgage for 30 years (i am 25).
I currently have 10% deposit. I COULD potentially get another 5% if 10% is not possible (it would mean that i would not have cash to buy furniture). Are there any mortgage lenders that offer 10% for new build flats
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Comments
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There are no lenders offering 90% as standard on a newbuild flat.
If your builder/broker are on the newbuild panel, Halifax does offer 90% products, but these are not available generally.
Otherwise, 85% is the best you'll find in the general market.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »There are no lenders offering 90% as standard on a newbuild flat.
If your builder/broker are on the newbuild panel, Halifax does offer 90% products, but these are not available generally.
Otherwise, 85% is the best you'll find in the general market.
Maybe it is a daft question but how would I know if it is possible with Halifax?. The builder is Taylor Wimpey. I thought that all brokers have access to the same offers no?.0 -
I thought new build flat was 20%?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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No. There are products available to builders and their brokers via the newbuild panel.I thought that all brokers have access to the same offers no?.
I'd be surprised if TW isn't on it.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »No. There are products available to builders and their brokers via the newbuild panel.
I'd be surprised if TW isn't on it.
Spoke to my broker just now and he told me that he is unaware of this offer but will double check and get back to me later.
Also i wanted to ask, why would Taylor Wimpey not accept help to buy scheme?. Are there particular draw backs for them ?0 -
Not that I can think of...I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Is this a newbuild specialist, introduced by the builder?Spoke to my broker just now and he told me that he is unaware of this offer but will double check and get back to me later
If not, chances are it won't be available to them.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Is this a newbuild specialist, introduced by the builder?
If not, chances are it won't be available to them.
Not sure, Taylor Wimpey recommended the broker to us. I guess they refer everyone to the same broker.
I asked Taylor Wimpey directly about the help-to-buy scheme available and they said that I do not qualify because completion date is more than 1 and 1/2 years away (this was a few months ago). Now my apartment is due to be built within 7 months and I raised the question again, but they responded by 'we do not accept help to buy'.
Ideally I want to see what options i have. I would like to get it with 10% deposit so i can have the extra 5% to buy furniture and upgrade the property. How feasible it is ? - I'm not sure as everyone seems to tell a different story...0 -
Ideally, you need to find a property which will be completed within nine months, as the HTB ATP allows three months to exchange contracts, then you have six months to complete.
Saying which, if it came down to not making that, you can get an extention or re-apply.
I don't know how else you can get 90% on a newbuild flat. All the 90% stuff is confined to houses. At 85% on a newbuild flat, there are a couple of options only.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Ideally, you need to find a property which will be completed within nine months, as the HTB ATP allows three months to exchange contracts, then you have six months to complete.
Saying which, if it came down to not making that, you can get an extention or re-apply.
I don't know how else you can get 90% on a newbuild flat. All the 90% stuff is confined to houses. At 85% on a newbuild flat, there are a couple of options only.
Well Taylor Wimpey asked that i pay 10% of the deposit when the development plans are released (rest to be paid on completion) . I paid last year. The mortgage lender recommended was Halifax because of the 6 month renewal no fee.
Since there are around 7 months before my property is completed, you think that I should go back to taylor wimpey and ask again about the help to buy?.
Also thanks for your help. If worst comes to worst I will just put down the 15% and rough it out ...0
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