95% New Build Mortgage now available for New Build Houses. These Mortgages are available for First Time Buyers and Home Movers…These Mortgages also come with a free valuation and long Offer periods of up to 9 months and option to extend for a further 3 months…..
New Build House Mortgage.
It is important to remember that these 95% Mortgages for New Build are available for Houses only. With long offer periods, this will allow you to apply for a Mortgage now, even if work has not started on the build. With up to 12 months on the offer, it gives you the opportunity to plan ahead and buy your dream home now…
Free Valuation.
As with all new Build Properties, there will be no Home Report, this means you will need a RICS Valuer to carry out a valuation of the property. The good news, is with this 95% New Build Mortgage, is it comes with Free valuation, saving you hundreds of pounds…
5% deposit Required.
You will need to provide a 5% deposit from your own resources. The low deposit required gives Home Buyers the chance to own a brand new Home with a low deposit.
With the end of the Help to Buy Scheme in Scotland( for large developers, still available for selected smaller developers) and also the demise of the First Home Fund, this low deposit Mortgage gives buyers some hope.
Credit Conduct.
For any 95% lending, it is important to understand that your credit score and past credit conduct will need to have been excellent. High loan to value Mortgages are more of a risk to lenders, so they will be careful about who they lend to.
If your credit score is not good or you have had past issues, you may struggle to pass at 95% lending. I am not saying that it is written in stone but you should contact us to discuss if you have a less than perfect credit history.
Acceptable Properties.
95% lending is available on New Build Houses, not any type of flat( we have other Mortgages at lower loan to values for these, contact us to discuss your needs).
Acceptable Houses are normally classed as Detached, Semi Detached, Bungalow or Terraced( both Mid and End Terrace) Any of these property types should be fine for 95% lending. If you are not sure get in contact and we can clarify for you.
Summary.
In summary 95% lending is available for both First Time Buyers and Home Movers on new build houses, as detailed above. If you need advice or have any questions on getting a 95% Mortgage for a nee build property, please call us now on 0141 280 1992.
Michael Markey CeMap, CeRER