It’s been three years since I started providing advice and guidance to the local community in this way, across all aspects of mortgages.
If you like the idea of buying a brand new home fresh out of the wrapper, then a new build home could be ideal for you. You won’t need to compete with other buyers and possibly end up paying over the asking price. The first step, as with any new purchase, is getting your Mortgage ‘Decision In Principle’ agreed for the relevant mortgage you’ll need for the property you want to buy.
The sales agent will give you a window of anticipated completion over a two or three month period. However, this can be brought forward or moved back, it really depends on weather conditions, staffing levels and supplies etc. Reservation fees differ from builder to builder but a common fee range would be £250 - £500 at this stage.After the reservation fee is paid, the builder will expect you to apply formally for your mortgage and supply them with your mortgage offer within a month or so.