New build to mortgage completion

JamesZxr

[FONT=&quot]Hi I was hoping someone could help me please [/FONT][FONT=&quot]😊[/FONT][FONT=&quot] In short roughly how long does it take from the builder starting building on a new build to (mortgage) completion stage? [/FONT]
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[FONT=&quot]The situation is this – there are some new builds not far away from where I currently live that would be perfect, with my current deposit and help to buy I would be able to afford one but I currently have an outstanding personal loan which my broker has said wouldn’t be an issue with the lender he has identified if repaid by completion. Unfortunately my Nan passed away at the beginning of December and her property has passed to my uncle and Mum, I’m in the very lucky position that Mum has said that she will gift me an amount from her share of that property when it sells which would clear the outstanding loan (I have no other debts), Nan’s house is going on the market next week. 2 of the style of new build I would like have been released within the last week or so and are scheduled to be built for / by July (there will be some more released but not until later in the year meaning 12 / 14 months before they are built). My broker seems to be suggesting that this should be enough time for everything to happen (in respect of the July build) but I’m a little worried especially if whoever buys my Nan’s house is in a chain. For what it is worth although obviously not guaranteed Nan’s house should sell fairly quickly / easily due to location and the fact that before she passed she had spent quite a bit on it recently – all new windows, doors (internal / external), new boiler etc etc. and It will be priced to sell.
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[FONT=&quot]I’m just wondering if I’m setting myself up for a lot of stress / trouble and would be better waiting until later in the year?[/FONT]
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[FONT=&quot]Thanks.
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Thrugelmir

JamesZxr wrote: »

I’m just wondering if I’m setting myself up for a lot of stress / trouble and would be better waiting until later in the year?[/FONT]

Seems best to wait until matters become more certain. Don't feel pressurised by the sales tactics of the new build developers. Knowing there's money on the way. Gives you an opportunity to repay debt/build your own deposit further.

E30M3

it can depend on the builder.
My girlfriend secured a plot with Avant homes in December (for £100), the build is due to complete by August. They are pushing her to complete NOW which she struggled with as she is saving £1k a month till June to gather the full deposit required. They have now backed down and agreed to complete with £1k instead.
As Thrugelmir said, the builders want as much cash into their banks as quickly as possible, you have to play them at their own game sometimes.
It's also apparent they are struggling to sell plots, so use that to your advantage.

Unicorn_cottage

Or don't buy a new build - much less hassle generally - and you won't pay the huge "it's brand new" premium.

JamesZxr

Thanks for your replies, the more I think about it the more I'm inclined to wait. With regards to it being a new build I'm keeping an open mind, this one just happened to be a new build in the right location / right size of property / price etc. If I had the money I would buy my Nan's place in a heart beat but obviously just not meant to be.