Skip to main content

New Build Mortgages

Fill in our quick form to get a same day callback from an expert adviser!

Getting a new build property allows you to own a modern, energy-efficient home but it often requires a specific type of mortgage known as a new build mortgage. These mortgages are designed to cater to the circumstances that come from buying a newly constructed home.


Begin Your New Build Mortgage Today

What Is a New Build Mortgage?

What Is a New Build Mortgage?

A new build mortgage is a type of loan specifically designed for individuals or families who wish to purchase a newly constructed property. These mortgages are tailored to accommodate the unique requirements associated with buying a brand-new home, including the stages of construction and completion.

New build mortgages are generally available for most types of properties, including houses, apartments, and flats.

How To Apply For New Build Mortgages

Step 1
Fill in Our Enquiry Form
Enter key details on our online enquiry form which is easy and straightforward to complete.
Step 2
Receive A Callback
You will then receive a callback on the same day from an expert mortgage advisor who will ask a few more follow up questions.
Step 3
Check If You Qualify
Our dedicated professionals will then use this to work out how much you can borrow and find affordable rates for you.
Step 4
Receive Your New Build Mortgage
Once we have found a loan to suit your borrowing needs, our advisers will submit your application to help you purchase a new build property.

How Does a New Build Mortgage Differ From a Standard Mortgage?

New build mortgage funds are typically released in stages as the construction progresses. They also often come with specific terms and conditions that address the potential delays in completion or any unexpected issues that may arise during the construction phase.

How Does a New Build Mortgage Differ From a Standard Mortgage?

What Are the Pros and Cons of New Build Mortgages?

Pros of New Build Mortgages

  • Government Schemes: New build properties often qualify for government schemes which can provide financial assistance and lower deposit requirements for first-time buyers.
  • Energy Efficiency: New build properties are constructed with modern features, technologies, and energy-efficient materials. This can result in lower utility costs, increased comfort, and reduced environmental impact compared to older properties.
  • Customisation: Depending on the stage of construction, some developers may offer customisation option such as kitchen finishes, flooring, or bathroom fixtures.
  • Warranties: New build properties usually come with warranties and guarantees from the developer or building company. These warranties provide coverage for structural defects.

Cons of New Build Mortgages

  • Construction Delays: Construction delays may happen in the development of new build properties, meaning you may need to find accommodation in the time-being.
  • Lack of Negotiation: The price of a new build property is often fixed by the developer, leaving less room for negotiation compared to buying a pre-owned property.
  • Limited Choice: When buying a new build property, your options may be limited to the properties available within a specific development.
  • Unfinished Development: If you are purchasing a property in a larger development, it is possible that not all amenities, such as parks, community facilities, or shops, are completed at the time of your purchase.
  • Valuation: New build properties may be valued differently compared to pre-owned properties, especially during the early years.

Get The Best Rates Today

Why Should I Get A New Build Mortgage Through Deedle?

As an independent advisor, Deedle has the advantage of working with multiple new build mortgage providers, ensuring impartial advice and access to a diverse range of mortgage products. This enables us to carefully consider your individual requirements and financial situation and match you with the best lender for your needs.

With our team of experts, Deedle is committed to providing personalised advice and guidance throughout the mortgage process, ensuring a smooth and well-informed experience for you.

Where Can I Get A New Build Mortgage in the UK?

You can get a new build mortgage to purchase a property anywhere in the UK. Deedle can help you no matter where you’re located. For example, we help people get new build mortgages in:

  • London
  • Birmingham
  • Manchester
  • Glasgow
  • Leeds
  • Edinburgh
  • Liverpool
  • Liverpool
  • Bristol
  • Newcastle upon Tyne
  • Sheffield
  • Cardiff
  • Belfast
  • Nottingham
  • Leicester
  • Oxford
  • Cambridge
  • Norwich
  • Brighton
  • Plymouth
  • Aberdeen

Speak To an Advisor About New Build Mortgages

Can I Use a Lifetime ISA (LISA) for a New Build Mortgage?

Yes, you can use a  Lifetime ISA (LISA) to help with a new build mortgage. LISAs are designed to help first-time buyers save for a deposit and benefit from government bonuses.

A LISA is a saving scheme in which the government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.

The savings and bonus can be used towards the deposit for a new build property, provided the property’s value does not exceed the specified limit for the LISA.

Can I Get a New Build Mortgage if I Have a Bad Credit History?

Yes but getting a new build mortgage with a bad credit history can be challenging. Lenders typically look at your creditworthiness and consider the risk associated with lending to borrowers with a history of poor credit.

Some specialist lenders may consider applicants with adverse credit. They might have stricter terms or offer harsher interest rates unless you save for a bigger deposit or apply with a guarantor.

Deedle will not discriminate based on your credit history. You can apply with us no matter what your credit score is.

Frequently Asked Questions About New Build Mortgages

How Does the Stage Payment Process Work for New Build Mortgages?

The stage payment process in a new build mortgage involves the lender releasing funds to the borrower or developer at various stages of construction.

The number of stages and the percentage of funds released at each stage will vary depending on the lender but typical stages include:

  • Exchange of contracts
  • Completion of the foundations
  • Wall plate level
  • Roof level
  • Completion

Can I Make Changes or Upgrades to a New Build Property Before Completion?

Yes, you often can! You should consult with the developer and your mortgage lender before making any modifications, but you can usually customise some aspects of your home before it is finished.

Can I Rent Out a New Build Property Purchased With a New Build Mortgage?

To find out if this is possible, review the terms and conditions of your mortgage agreement and consult with your lender. Most new build mortgages will have special restrictions on renting. You should also consider looking at buy-to-let mortgages.

Can I Switch to a New Lender or Refinance My New Build Mortgage?

Switching to a new lender or refinancing your new build mortgage is possible, and is often referred to as remortgaging.

Can I Transfer My New Build Mortgage to Another Property?

No, not usually. New build mortgages tend to be tied to the specific property you took them out for.

Can I Pay Off My New Build Mortgage Early?

Yes but there can be some fees or penalties involved so check the terms and conditions before making this decision.

Can I Use Gifted Funds for the Deposit on a New Build Mortgage?

Yes you usually can. Many lenders accept gifted funds as a deposit source, but they will want to ensure that the funds are a genuine gift and not a loan that would need to be repaid. Make sure you have good documentation of the gift.