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  • FIRST POST
    • mattb87
    • By mattb87 16th Mar 17, 6:44 PM
    • 20Posts
    • 5Thanks
    mattb87
    The New Homes Group
    • #1
    • 16th Mar 17, 6:44 PM
    The New Homes Group 16th Mar 17 at 6:44 PM
    Hello,

    I am looking at reserving a Bellway property at the weekend. Prior to reservation they have asked me to get in contact with "The New Homes Group", who perform basic affordability checks and provided me with a reference number that I need to present on the reservation day.

    My question is has anyone dealt with The New Homes Group before? I'm a little worried that the developer (Bellway) will try to push me hard into working with them for mortgage brokerage and applying for the Help To Buy Loan. However, it seems like they are well-versed with working with Bellway. I do have my own Mortgage Broker lined up who my family has dealt with in the past so I'm leaning towards using that person instead. But I'm keen to hear if people have used The New Homes Group before and had success or problems etc?

    Thanks!
Page 1
    • kingstreet
    • By kingstreet 16th Mar 17, 10:16 PM
    • 33,397 Posts
    • 18,085 Thanks
    kingstreet
    • #2
    • 16th Mar 17, 10:16 PM
    • #2
    • 16th Mar 17, 10:16 PM
    As a newbuild specialist broker all I can say is builders like to retain as much control as they can.

    New Homes, MAB, Meridian etc are all big firms with big contracts with big builders. NH is owned by Skipton and is part of Connells so if you don't like national EA chains...!

    https://en.wikipedia.org/wiki/Connells_Group

    If your broker is experienced in newbuild, knows one end of the HCA's HTB affordability calculator from another, knows the HTB Agent for your area you might have a fighting chance.

    No builder is going to accept you using an inexperienced broker who doesn't understand newbuild who makes a mess of the newbuild cash incentives and who doesn't know how to put together an HTB application.

    Exchange of contracts within 28 days of reservation to secure the price and any incentives is a real requirement and if you decide to go 'off piste' with your own broker and perhaps also your own solicitor expect that requirement to be enforced very strongly.
    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.
    • Alfrescodave
    • By Alfrescodave 24th Apr 18, 4:44 PM
    • 579 Posts
    • 314 Thanks
    Alfrescodave
    • #3
    • 24th Apr 18, 4:44 PM
    • #3
    • 24th Apr 18, 4:44 PM
    As a newbuild specialist broker all I can say is builders like to retain as much control as they can.


    Exchange of contracts within 28 days of reservation to secure the price and any incentives is a real requirement and if you decide to go 'off piste' with your own broker and perhaps also your own solicitor expect that requirement to be enforced very strongly.
    Originally posted by kingstreet
    My son has had an offer accepted on one of these houses with the 28 days condition - what can the Company do if the 28 day requirement is not met?
    Obviously they can cancel the sale but surely that is not in their best interest if they have to then re-market the property
    • kingstreet
    • By kingstreet 24th Apr 18, 5:44 PM
    • 33,397 Posts
    • 18,085 Thanks
    kingstreet
    • #4
    • 24th Apr 18, 5:44 PM
    • #4
    • 24th Apr 18, 5:44 PM
    Builders can and do cancel sales if progress is poor, especially if a target, such as half-year end, or year-end are/will be missed.

    In many areas, properties can be returned to the market at a higher price if there have been no installations to the buyer's spec.
    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.
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