New Build Mortgage Advisor In
The Uk
Financial advice should be affordable and available to anyone who needs it
Experienced mortgage advisor based in King’s Lynn and offering throughout Norfolk, Suffolk, Cambridgeshire and Lincolnshire
Meet Your New Build Mortgage Advisor
PAB Wealth Management offers financial advice throughout the local area and has been created through the drive of our founder Luke Thompson.
Luke has been working in financial services for the past fifteen years starting with a local insurance brokerage before moving to providing mortgage and protection advice and now also offering financial advice to our clients. We look to provide a holistic approach to financial advice based on each individual customers own needs.
Our aim is to provide the same level of customer experience that customers have been able to receive for many years through our sister company PAB Mortgages.
Here at PAB Wealth we believe that financial advice should be affordable and available to anyone who needs it. We treat all our customers in the same manner from first time investors to long term investors.
Most frequent new build questions
It can be slightly more difficult to get a mortgage for a new build property than for an older property. Some mortgage lenders restrict how much they are willing to lend against new build properties. They do this to protect themselves against any potential falls in value of the property.
If you are looking to purchase a new build property is important to speak to a mortgage adviser. We can work out how much you will be able to borrow and let you know what this will cost you on a monthly basis. We can also assist you by seeing if you would be eligible for any house buying schemes that are currently in place.
When purchasing a new build property you need to be aware that delays can happen with this in mind you may see a long delay between exchange of contracts and you receiving the keys on the completion date. With this in mind we may look for a mortgage lender who will be willing to offer extensions on the mortgage offer that they issue to you to ensure that you don’t run the risk of your mortgage offer expiring before your new home is ready.
The first thing we will do is check that you are eligible for a mortgage and see how much money you may potentially be able to borrow. We will do this by arranging a decision in principle with a mortgage lender for you. By doing this we will know that there are no credit issue or anything else that could cause a problem when we look to make an application.
Once you have found a property you may be able to negotiate a price and any incentives that the developer is willing to provide. It is always worth checking with your mortgage adviser to make sure you can afford the agreed sale price before committing and paying your reservation fee. Once the reservation fee has been paid your mortgage adviser will start looking for the most suitable mortgage for you based on your personal circumstances.
We will request relevant documentation from you and submit the full mortgage application on your behalf. We can also help arrange a solicitor for you to conduct the legal work in relation to your purchase. Once the mortgage lender has completed their checks they will issue you with a mortgage offer. You will then be ready to exchange contracts, pay your deposit to your solicitor and agree a completion date with the developer.
New build mortgage applications will run along the same kind of timescales as a standard residential mortgage application and we would normally expect to receive a mortgage offer within three to four weeks of your application being submitted. This will be dependent on a number of factors including when the valuation can be completed by the lender and how complicated the application is – For example if you have had previous adverse credit.
The documents required for the application are generally the same as the documents you need to provide apply for any mortgage. Most lenders will require proof of income via your payslips if you are employed or tax returns if you are self-employed. Potentially you may also be required to provide bank statements so your expenditure can be assessed and proof of ID. Your mortgage adviser will confirm to you which documents are required prior to making a mortgage application.
Some lenders will consider a 5% deposit for a new build house. If you are purchasing a new build flat you may be required to provide a 10% or perhaps even 15% deposit dependent on your personal circumstances.
The salary of applicants named on the application will determine how much you may be able to borrow. Most lenders will offer up to 4.5 times the combined annual income of the applicants. However there are some exceptions, if you have higher earnings or if you work in specific professions such as the NHS or the Police some lenders may lender up to 5.5 times your income. Your adviser will be able to explore the options available to you from different lenders.
This is a scheme which has been created by mortgage lenders and house builders. The aim of the scheme is to help First Time Buyers and existing homeowners to purchase a new build property with just a 5% deposit. The scheme also provides applicants with competitively priced mortgage products up to £750,000 and hopes to make home buying more affordable.
The scheme is only available on selected new build homes if you would like to explore your options in relation to the Deposit Unlock Scheme just ask.
As the property is brand new it will often come with a warranty such as a NHBC 10 year certificate. This protects the buyer if there were any major defects in any of the building work.
You will generally be able to choose your own fixtures, fittings and finishes such as tiling and carpets and you can pick your kitchen and bathroom.
Another advantage is that you will not be involved in a chain when completing your purchase. As soon as your home is ready you can move in which can help remove some of the stress from the process.
New builds are often more energy efficient than older properties with this in mind you will often save money on your utility bills.
New build properties will often be more expensive. This is referred to as the new build premium. If you purchase a new build property it is often a good idea to stay there for a few years to ride out any potential devaluation of the property in the early years.
It is difficult for you to add value to the property as everything is brand new. This means that unlike with a ‘doer-upper’ which means you may not benefit as much from any potential increase in the value of the property.
You will need to pay a non-refundable reservation fee when you purchase a new build property which you would not need to do when purchasing an older property.
There could be delays in the construction process and you may not be able to move into your property on your planned date.
Here at PAB Wealth Management our mortgage advisers are new build mortgage specialists. Our aim is to save you money by finding you the most cost-effective and suitable deal for you based on your personal circumstances.
Your home/property may be repossessed if you do not keep up repayments on your mortgage
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