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90% ltv possible on new builds?
startingout2016
Posts: 213 Forumite
After our seller having a change of heart and pulling out we have been busy searching and viewing properties since.
A new build has come onto the market today which is within budget and far more spacious than any of the other houses we have been looking at and comes with many extras we never thought we would get.
We have mortgage agreed in principle of 90% LTV.
Is that going to be a problem when applied to new build property?
A new build has come onto the market today which is within budget and far more spacious than any of the other houses we have been looking at and comes with many extras we never thought we would get.
We have mortgage agreed in principle of 90% LTV.
Is that going to be a problem when applied to new build property?
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Comments
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I am assuming the AIP you are talking about was agreed before seeing this new build? If so, you may need to get another mortgage in principle. I would check with whoever you have the agreement with.
We were in a similar situation not long ago. We had an agreement in principle for x amount. We then looked at a new build and the lender we had the agreement with wouldn't lend us the same amount on a new build.0 -
Thanks for your reply richard.
What did you do in the end? Not bother with the new build or manage to secure finance elsewhere?0 -
It would be best to speak to the lender/bank as sometimes need a different mortgage for a new build. We also needed at least 15% deposit but I have heard that some brokers can get a 90% mortgage on new builds through Halifax.0
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Well we ended up getting another mortgage in principle with a different lender, as with a new build you have to exchange contracts within 28 days. The lender that we had the original agreement with said they wouldnt be able to give us a mortgage in that short time frame.
In the end the builder pulled out of our purchase as their solicitors held up paper work. The power new build companies have is ridiculous, but that is a different story! Nothing we could have done.
We have now found another property, which is a year old which we are in the process of buying.0 -
There are several lenders who will lend 90% on a newbuild house.
A broker would be your best bet in establishing the bet options for you.
If the builder features in the Halifax builder panel and the broker can access them, there are 90% and even 95% HTB MG newbuild products offered by Halifax.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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