New Build First Time Buyer

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New Build First Time Buyer

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Being a First Time Buyer can be an exciting time, but also a time where it is important to ensure you have knowledge sources to help you make the best decision for you.

That’s why you need a broker who is going to hold your hand through the process and guide you until that exciting day when you put your key in the door of your beautiful brand-new home!

Here at The Mortgage Mum, we have worked with clients on multiple new build purchases, and every single one is different. We recognise how unique your journey is to you, and we’re here to support and guide you through it.

When buying a New Build it is important to remember that there are many options available to you to consider.

Here are some of the current schemes that could support you with your new build purchase:

Own New Rate reducer is open to First Time Buyers and Next Time Buyers too. The scheme uses incentives from the builder to help you access lower interest rates which can save you money on interest and your monthly repayments during the early years of your mortgage. Find out more information on how this scheme works by clicking here and listen to our podcast here

Shared Ownership

The shared ownership scheme makes it possible to buy a share of the property. As your mortgage only has to cover the portion you buy, both the deposit your monthly repayments are much more affordable. Bear in mind, however, that you will need to pay rent on the remaining share of the property.

For more information on Shared Ownership click here 

The Deposit Unlock Scheme

The Deposit Unlock scheme allows you to buy a new build home with a 5% deposit. The home has to be from one of 32 house builders and mortgaged with a participating lender. There’s a maximum loan amount of £750,000 and it cannot be used on a Buy to Let property.

With the Deposit Unlock scheme, there are no additional affordability checks, it’s all about the property that you are purchasing.

For more information on The Deposit Unlock Scheme click here 

Speak to an expert

We will work at times that suit you and your family, carrying out appointments via video call, telephone or email, giving you the benefit of first class service, around your own schedule, and in the comfort of your own home. So let us handle your mortgage today and find out how well we can look after you, The Mortgage Mum way!

First Home Schemes

Certain new build sites are part of this scheme, where homes are sold with a significant discount. Key workers and local residents usually get priority.

For more information on The First Homes Scheme click here 

Save to Buy Scheme

This new scheme lets First Time Buyers move into a home and pay a fixed ‘rent’, which goes towards a deposit to buy the property. The scheme is currently available in London and Essex, but is set to roll out wider.

For more information on The Save to Buy Scheme click here

Discount Market Value

Some housing schemes make a commitment to sell properties with a discount on their market value, which could be 25% or 50%. The discount also applies when you sell the property.

For more information on The Deposit Unlock Scheme click here 

For more information on the government-backed affordable homeownership options:

https://www.gov.uk/affordable-home-ownership-schemes

https://www.ownyourhome.gov.uk/all-schemes/

Want to find out how we can help with your New build? Click here

To find out more about our team click here

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