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22 Apr 2022

New build Homes

The New Build market is hot (as is the rest of the market), properties are being built and sold shortly after, if not before completion. Fortunately, the Government is still supporting the new build market with the Help to Buy Equity Loan Scheme providing more options to first-time buyers. Outside of this scheme, lenders are lending on new build homes albeit differ widely on the amount of deposit they expect to see put down by borrowers. A new scheme supported by the Home Builders Federation called Deposit Unlock is also about to help support this market.

A first-time buyer often would like the chance to put down a 5% deposit but when it comes to new build properties, similar to purchasing a brand new car, lenders are concerned the new’ value can affect their security so are cautious of lending such high loan to values on these properties. Therefore, many will require a minimum of 10% or 15% deposit for newly built homes. When a 5% deposit is allowed, the interest rate will be higher to take into account the extra risk being taken by the lender. On the open market, the higher your deposit, the better interest rate you will be offered. In addition, lenders will impose a larger deposit requirement for flats than on houses due to the increased price volatility.

Deposit Unlock is a new scheme devised between a small number of lenders, an insurance company, and the housebuilding industry. The scheme enables you to purchase a new home with a 5% deposit at relatively low-interest rates whilst allowing you to purchase either a flat/apartment or house.

Nationwide is offering a FTB special 2-year fixed rate @ 2.79% with only a 5% deposit required and no arrangement fees to pay. The scheme is open to first-time buyers AND home movers on homes being sold by participating home builders. These can be viewed here…

New build Homes

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