New-build mortgages with deadlines clearly mapped out
New-build purchases move to the developer's timetable. We help you prepare early, choose a lender comfortable with the property and keep an eye on offer-expiry dates before completion.
What makes a new-build mortgage different?
- Developers often expect exchange within a short reservation period
- Completion may be months later and mortgage offers can expire
- Maximum loan-to-value limits can differ for new-build houses and flats
- Cash incentives, gifted deposits and service charges can affect the lender's assessment
Prepare before you reserve
Arrange a realistic budget and Mortgage in Principle, check the source of your deposit and tell your adviser about every developer incentive. The new-build mortgage guide sets out the timeline from reservation to completion.
Expert tip: A reservation deadline is not a reason to rush into the wrong mortgage. Get your documents and affordability checked before choosing a plot.
Common questions
How long does a new-build mortgage offer last?
It varies by lender. If construction is delayed, an extension or updated application may be needed, so the expected completion date should be checked before applying.
Can I use a gifted deposit on a new build?
Many lenders allow gifted deposits, but the gift and any developer incentives must be disclosed and accepted under that lender's criteria.
Advice is free. A fee is payable only when a full mortgage application is submitted, and reapplications are free. Your home may be repossessed if you do not keep up repayments on your mortgage.
Helpful guides
What Is a Mortgage in Principle and Do I Need One?
What a Mortgage (or Agreement) in Principle is, whether it affects your credit score, how long it lasts and how to get one.
Read guideGifted Deposit Mortgages: A UK Guide for Buyers and Families
How gifted mortgage deposits work, who can provide one, the evidence lenders request and the difference between a gift and a loan.
Read guideNew-Build Mortgage Guide: Reservation, Offers and Completion
A practical UK guide to new-build mortgage timelines, lender criteria, deposits, incentives and mortgage offer expiry.
Read guide