New Build Mortgage 90% LTV

Karent

Hi
We have been looking at a new build house which is possibly going to be released in the next 6 weeks or so. Our current position is that we have a house with no mortgage which has not yet sold. We do not want to miss out on the new build as they are few and far between in our location. We have enough saved for a 10% deposit but I need to know if there are any lenders out there that will consider a 90% LTV on a new build? Also in a lenders eyes I am classed as self employed as I am a 40% shareholder in a ltd company so that would need to be taken into account too. Once our old house is sold we would look to reduce the new mortgage. Can anyone point me in the right direction? Thanks

ap1985

I would highly recommend seeking the advise of a mortgage broker in a situation like that. One that is experienced with your kind of situation.

Hanger_boy89

As somebody who has just exchanged contracts on a new build, I can tell you that the housing developer won't let you buy one of their houses until yours has had an accepted offer. I was told that I couldn't even get on the list for the plot I wanted until my property was accepted. Luckily it sold very quickly and I have exchanged contracts, due to be completed in July. Hopefully yours will sell quickly too.

Futuristic

If you have >20% share you generally will be classed as self-employed by lenders.

alex_163163

Does the developer offer part exchange? Could that be an option for you?

sammyjammy

Hanger_boy89 wrote: »

As somebody who has just exchanged contracts on a new build, I can tell you that the housing developer won't let you buy one of their houses until yours has had an accepted offer. I was told that I couldn't even get on the list for the plot I wanted until my property was accepted. Luckily it sold very quickly and I have exchanged contracts, due to be completed in July. Hopefully yours will sell quickly too.

The developer need not even know the OP owns a house, there is no mortgage on it and OP does not need to sell it to buy the house.