Turning home ownership into a reality
Buying a new home is exciting enough, but buying a new build home is extra exciting. The new paint smell, those modern sleek amenities,stylish designs that put you at the pinnacle of the housing market.
Not only that, but there are usually loads of incentives on offer for new build properties, dependent on when you reserve your new home. Builders tend to have two peak periods of the year, half year end and year end these vary from builder to builder but generally this is the time that they declare to their shareholders how successful or unsuccessful they have been over the last few months. We have worked in the new build arena for a few years now and have seen some ups and downs over this period.
However, if you hit it right, there are some fantastic deals to be had. Usually incentives offered by a builder are broken down into two parts cash incentives and non-cash incentives. Now from a lending point of view it is important to ensure the incentives are disclosed properly to the lender and valuer at mortgage application stage, as failure to do so could in fact mean that your mortgage application could be declined and you’re back to square one. In the new build mortgage market, a builder would usually want you to exchange contracts within 28 days and if you’re back to square one you’re already putting the purchase at risk. This is why it is so important that you speak to one of our new build specialist mortgage brokers who will help and guide you through the home buying process.