New build mortgages criteria

Understanding new build mortgages criteria

Specific criteria for new homes mortgages can include:

• Property type
  Is your new purchase a house or an apartment? This can have a big impact on the lending criteria and deposit terms set by lenders.
• Deposit amount
  In general, mortgages for new build homes require a higher deposit than mortgages for previously owned properties.
• Mortgage availability
  Lenders can have strict time frames on certain mortgage deals, with some only available for 3-6 months – that means keeping close tabs on your completion date is vital.