The prospect of buying a new property can often appear appalling because of the prospect of moving into a new property that needs no work doing to it. This allows you to budget more effectively and leads to many paying a premium. New properties may also be more energy efficient and structurally more secure. Obtaining a mortgage for a new build can involve a few extra steps in comparison to a traditional mortgage product, especially if you want to buy a flat.
When applying for a new-build mortgage, timing is a large consideration, as delays can occur in completion in terms of builders’ deadlines. As a mortgage offer has a time limit, it is important to ensure this does not expire.