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  • FIRST POST
    • FTBdreaming
    • By FTBdreaming 10th Jan 18, 10:37 PM
    • 17Posts
    • 8Thanks
    FTBdreaming
    Buying off plan/mortgage on a new build
    • #1
    • 10th Jan 18, 10:37 PM
    Buying off plan/mortgage on a new build 10th Jan 18 at 10:37 PM
    Hi all,

    We reserved a house last week off plan and itís not due to be built until June. We have our mortgage in principle but were wondering when to apply for the full mortgage?

    Does anyone also have a timeline they could share in regards to each step of buying a new build that wasnít built just yet?
Page 1
    • robgoode
    • By robgoode 11th Jan 18, 8:44 AM
    • 49 Posts
    • 32 Thanks
    robgoode
    • #2
    • 11th Jan 18, 8:44 AM
    • #2
    • 11th Jan 18, 8:44 AM
    I!!!8217;m in similar process as yourself. We have been given an unofficial date in May for our new build home to be ready.

    Had a meeting last week with our sales rep to say date of exchange is in February and asked us to start the mortgage application process ASAP. Having a discussion with broker today to get the ball rolling.

    Who is your developer? I!!!8217;d have thought they!!!8217;d give you a timeline of stages so you know what needs to be done.
    • kingstreet
    • By kingstreet 11th Jan 18, 9:27 AM
    • 33,544 Posts
    • 18,183 Thanks
    kingstreet
    • #3
    • 11th Jan 18, 9:27 AM
    • #3
    • 11th Jan 18, 9:27 AM
    You won't be able to exchange contracts without a formal mortgage offer and you are normally expected to exchange contracts within 28 days of reserving.

    You should have applied for a mortgage and instructed solicitors already if you have a 28 day exchange of contracts target.
    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.
    • Dolly123
    • By Dolly123 11th Jan 18, 9:25 PM
    • 147 Posts
    • 12 Thanks
    Dolly123
    • #4
    • 11th Jan 18, 9:25 PM
    • #4
    • 11th Jan 18, 9:25 PM
    Crikey get a shift on these things don't happen overnight!

    Week 1 Be qualified by developers IFA
    Reserve new home,
    Instruct Solicitor,
    Apply for Mortgage,
    Pay for Searches
    Solicitor raises any enquiries
    4/6 weeks (depends on developer) exchange contracts on deposit 5% HTB, 10% on regular purchase
    House is built in timely manner

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