There has recently been a lot of talk in the news about how changes, such as the Help to Buy scheme ending, increasing interest rates and lenders pulling products, will impact the property market. The endless articles can seem scary, especially for first-time buyers or those wanting to move house.
Nicholas King Homes wants to reassure our customers and potential buyers that mortgages are certainly still obtainable. Moving into your dream new build home is not as unachievable as you may think, which is why this article aims to outline the avenues available and invite you to our own Mortgage Help Day, taking place on November 5, 2022 at our new build Lakeside development in Surrey, Water’s Edge.
During the event, our experts will be available for any questions on purchasing new homes in the current market, and leading mortgage technology business Mortgage Brain will be there to offer their advice and expertise to potential buyers too.
Mortgage products are still available on the new homes near you
There have been countless articles released about new products being unavailable for new customers. Let’s help clear that up.
Although some products have been pulled from market, it’s important to understand why. After interbank lending rates changed following the value of the pound dropping, mortgages were no longer priced correctly. Lenders therefore temporarily put a pause on their offering to reprice before returning to market, which many have already.
Lenders such as Halifax, Leek United and Nationwide currently have mortgage products available. As well as this, the use of a mortgage broker or mortgage specialist, such as New Homes Mortgage Helpline or The Mortgage Brain will be able to review the market to find the right mortgage product for you. Many products offer fixed rates, with some offering longer-term security with 7- and 10-year fixes, which allows you to rest assured and focus on enjoying your new home.
How does the Deposit Unlock scheme work when purchasing a new build development?
The new Deposit Unlock scheme allows both first time buyers and home movers to purchase a new home, including new build houses and apartments, with just a 5% deposit.
To qualify for this, you must purchase through a home builder participating in Deposit Unlock, using a mortgage offered by a participating lender. Currently, this includes Nationwide and through a broker, Newcastle Building Society.
Developed by the Home Builders Federation, the scheme is likely to prove popular with buyers looking for a new build development with a small deposit following the end of the Help to Buy Equity Loan scheme.
Stamp duty cuts can also help you save on your new home
With no stamp duty payment on the first £250,000, this creates significant savings for the average homebuyer.
If you’re a first-time buyer, you also benefit from the fact that following changes in the Mini-Budget, the nil-rate threshold for First Time Buyers’ Relief increased from £300,000 to £425,000. For properties and new build developments in the South East, these new bands will benefit you the most due to the relatively high house prices in the area.
Nicholas King Homes currently have two new homes in Berkshire at Abbey Place Mews from £415,000, meaning buyers will pay no stamp duty. If you are interested in these apartments, please contact us.
Our Mortgage Help Day
Our Mortgage Help Day will be taking place on November 5, 2022, at our development in Surrey, Water’s Edge. If you would like to attend, please contact our expert team to reserve your place. We look forward to seeing you there.
New builds coming soon near you
Nicholas King Homes are committed to offering our customers the best experience when purchasing their new home.
To find out more about new developments coming soon near you, please contact our sales team on 01494 811823 or via sales@.