Contemplating buying your own home? Here are our free top tips from a trusted mortgage adviser

A new build property – the solution to many problems

Since the Covid-19 pandemic, people across the country have been reassessing their housing needs. With a shortage of secondhand housing stock, and consistent demand for homes, more people are moving to the new homes market.

Not only are new homes a viable option for prospective buyers, but they have been developed with modern features and functionality in mind. For example, with the move to hybrid working, many new homes will be built with office spaces which are an attractive draw for buyers who often work from home.

Equally, with energy efficiency now much higher on buyers’ agendas, new homes built with higher EPC ratings can provide an all-encompassing solution. Indeed, a recent report from Zoopla suggests that more than 80% of new builds have an energy efficiency rating of A or B, compared to just 3% of older homes, so prospective homeowners can rest easy knowing their property will be efficient and will not need retrofitting.

We reached out to trusted financial services adviser Craig Hall, who heads up LSL financial services’ new-build business and has 27 years’ experience in the financial service industry, for his insight on the new build market along with some useful advice for borrowers looking to step onto the property ladder. 

The importance of independent new homes mortgage advice

With consumer prices rising by 10.1% in July compared to the previous year and the Bank of England increasing the base rate for the sixth consecutive time, the mortgage market is becoming increasingly complex.

An independent new homes mortgage adviser can help guide you through the options available and discuss the pros and cons of the many schemes and incentives available for buyers. It is likely that we will see more solutions being developed by lenders, private providers and the government. However, for now there is no silver bullet and independent advice will be more important than ever to help buyers find the solutions they need.


Green Mortgages offer benefits for Energy efficient homes

We are seeing an increase in the number of Green Mortgage products from lenders, the majority provide an enhanced product / pay rate to A & B EPF rated New Homes along with cash-back too. Leeds Building Society recently announced they  will now improve (increase) the customers affordability assessment for EPC A and B-rated new homes – hopefully we will see more lenders follow suit soon, particularly given the increasing energy costs which in turn makes new build homes even more attractive.

Green Mortgages


Intergenerational mortgages and the bank of mum and dad

Parents often want to help their children onto the property ladder and understand the difficulties their children might be facing, so there will be demand for products which help them to do so.

As a result, we’ve seen some lenders develop family assistance based mortgages, which come with a range of features and benefits, which again will be subject to meeting the individual needs of each buyer.

The government is also considering cross generational mortgages. This could see homeowners take out 50-year mortgage terms with little or no expectation of completing mortgage repayments in their lifetime, we await further announcements on this.


What can you do as a prospective buyer? 

Credit scores - This is one of the many stumbling blocks for borrowers, so by managing this at an early stage, borrowers can heighten their chances of being accepted for a mortgage product.

Save for a deposit as early as possible - By saving earlier, buyers will be able to build up larger deposits which will open up their options when looking for a mortgage.

Have your paperwork in order - Having paperwork ready before meetings with advisers not only means the process can be sped up, but also reduces the chances of applications being reviewed multiple times. 

Register to vote - Lenders often use the electoral register to verify your identity so borrowers must register as early as possible.

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