Why are new builds so popular in first time buyers?
UK Mortgage Centre
Our authentically-human approach will allow you to relax, whilst we help you secure home ownership!
Over recent years we’ve seen an ongoing trend, that more and more first-time buyers are opting for new build homes.
?So why are they so popular?
1 – Short Chains
New build homes can be appealing to first time buyers since there won’t be a chain to hold up the exchange and completion process.
?Unlike other homes, new builds well are new which means once they property has been built, buyers can move in right away and enjoy their new home. This often means the time to takes to purchase and completion is a lot quicker.
?
2 – Money Saving Options
New build homes are often the most cost-effective option for first time buyers. For example, new homes are often a lot more energy efficient which can save the buyer money on a going basis when it comes to their gas and electric bill.
With new build homes, there also comes ‘new build mortgages’ which can help first time buyers get onto the property ladder a lot easier and in a more cost-effective way.
?Using the deposit unlock scheme, this enables buyers to purchase a new build home with a 5% deposit.? Once the home is purchased, the developer pays a percentage of the purchase price onto an insurance policy to the mortgage lender.? It also enables the buyer to benefit from lower interest rates.
领英推荐
3 – Design Options????????????????
?Buying a new property means the buyers can design their own space, without the ‘labour of love’ that comes with an older property.
New build homes come with the freedom to design your own space. If a buyer chooses an off-plan property, developers may let them choose their floors and kitchen design etc, when the property is ready the new home owners can move into their home without paying out for any DIY or labour costs.
4 – Guarantees
New build homes come with a warranty/guarantee which you don’t otherwise get with an existing home. Once the property is built the warranty usually spilt into two parts:
?1 – Defects insurance period, which lasts for the first 2 years. This covers any issues the builder is responsible for.
2 – Structural insurance period which will last usually between 10-12 years. The builder is only responsible major problems to the home such as foundations and roofs.
How We Can Help:
If you’d like to discuss first time buyer mortgage requirements with a member of our team simply request a call back or book an appointment here