21st August 2013
There can be many advantages to buying a new-build property in Peterborough, but of course there are negative aspects as well.
The first steps involve hunting down the names of the main developers in your area so that you are aware of what’s coming or what’s currently being built. Once you’ve found this out, you need to seriously consider whether or not this is a good option for you. The following outlines some of the key information that should influence your decision:
Advantages of a New-Build Property in Peterborough
- A small deposit may be required
- In some cases it is easier to attain a mortgage as building companies arrange mortgages for the entire estate ,with a particular building society. This means that lenders are more likely to offer a higher loan, despite it being a new-build property.
- If the building is still in progress, you may be able to have some input on smaller design features such as door and socket placement. This will come at extra cost and is not guaranteed as some building companies will prefer contracts to be signed before you start giving input.
- Look out for properties protected by the National House Building Council (NHBC) as these homes have a 10-year warranty and protection scheme.
- Large-scale repairs and decorating shouldn’t be an issue for a few years.
Disadvantages of a New-Build Property in Peterborough
- You may not have your finished home instantly. Some builders will comply to a ‘long stop’ completion date which means that if they don’t complete the property by a specified dae, they will have to provide you with compensation.
- The majority of lenders will not provide your loan in full until your new-build is complete.
- You may not have a garden straight away.
- You may not have anything other than a plan to show mortgage lenders and solicitors.
- There may be a requirement for stage payments. This could mean you end up paying for two houses at the same time.
Can I Attain a Mortgage on a New-Build Property in Peterborough?
There is no main set of rules regarding lenders and new-build properties. The majority are willing to offer mortgages for homes but not for new-build flats. The only hindrance is that the highest proportion of the home’s value that you can borrow (loan to value) may not be as high as what is offered to those who are looking to attain a mortgage on a second-hand property.
Consult The Mortgage Broker Protection Ltd for all you need to know on attaining a mortgage for a new-build property.
Their experienced lenders can narrow down the market and help you find the perfect mortgage deal for your new-build. The Mortgage Broker Protection Ltd will not cease searching until they are satisfied that you, are 100% happy with what they’ve found. They do the hard work for you, so what have you got to lose?
Upon application a fee of up to £495 will be payable (typically £195)Tags: mortgages peterborough, new build property, new build property peterborough, new homes