New build incentives

Fufu3333

Looking to buy a new build.

Builder is offering incentives in the way of flooring, white goods etc and maybe legal fees paid.  Is there anything I should be aware of. Am I  right in thinking incentives are better than discounts and at what point will  incentives be disclosed so not to affect mortgage application? 

I haven't got a mortgage in place yet. But they are offering me use of their inhouse mortgage broker and solicitor. Good idea or not? 

Flugelhorn

I don't know about incentives etc they weren't around when I last bought a new house BUT while it is worth seeing what their mortgage broker says, it is worth spreading your net wider and speak to others. Likewise always always always get your own solicitor - they need to be working for you and not for them

Maka344

We are looking at new builds at the moment. Incentives typically cannot be more than 5% of the value before they impact the mortgage. 

In addition to a reduction in the price, typically incentives which are easy to get that we’ve recently come across: 
flooring 
turf 
upgrades kitchen and utility worktop in stone 
fitted wardrobes
alarm
any modifications you would like 
stamp duty contribution - from some of it to all of it 

it’s a buyers market at the moment so push hard. 

dunstonh

Builder is offering incentives in the way of flooring, white goods etc and maybe legal fees paid.  Is there anything I should be aware of.

Common new build trick is to raise the property price to pay for those things but make out they are incentives.

In a rising market, the builder often gets away with it but in a stagnant or falling market, the mortgage valuer will often value the property lower.

But they are offering me use of their inhouse mortgage broker and solicitor.

Most builders use large firms with salespeople for the mortgage advice.  Whilst they tend to have a large enough mortgage panel they are usually tied for insurance and very expensive.  

Postik

Fufu3333 said:

Looking to buy a new build.

...

But they are offering me use of their inhouse mortgage broker and solicitor. Good idea or not? 

Solicitor... no way.  If they "suggest" it then politely decline.  I ran a mile when one of the well know house builders refused to sell to me unless I used their "recommended" solicitor.