It’s never easy for those looking to get a first time buyer mortgage deal.
Growth in property values often outpaces the rate at which hopeful property owners can save for a deposit. Property values have risen considerably over recent years and, in many cases, the gulf between what’s required and what’s affordable is too big. And that’s all before those applying for a mortgage have met the lenders’ criteria.
However, as a team of Guildford mortgage brokers, we’re delighted to say that there is some respite – particularly for first time buyers interested in buying a new build property.
The benefits of buying new build
There are numerous benefits of buying a new property. From the perspective of getting a first time buyer mortgage, however, it’s that Complete Mortgages has access to lenders that are willing to increase their maximum borrowing amount to reflect the fact that new build properties are generally cheaper to run than older properties.
With modern day homes being built to high sustainability standards, the cost of heating one is much cheaper than one built, for example, pre-war.
With a selection of lenders on our panel who have taken the rather progressive decision to factor this into their lending criteria, it means that first-time buyers may actually have more buying power stored in their current deposit than they realise.
We’ve seen those applying for a first time buyer mortgage gain access to between £10,000 – £15,000 more than they would have had they purchased an older property.
Do you qualify?
If you’re a first-time buyer then a newbuild is certainly worth considering. Of course, there are specific criteria that you’ll need to meet in order to be able to access a new build mortgage for first time buyers, but we can walk you through this during the initial mortgage consultation.
First things first, then. Get in touch to find out how new build properties present a new opportunity for first-time buyers.
Contact Complete Mortgages’ team of Guildford mortgage advisers on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.
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