How to buy a house Buying a new-build home

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<div class="rxbodyfield"><div class="img-rightrx_ephox_inlinevariantcaption" contenteditable="false" inlinetype="rxvariant" rxinlineslot="105" rxselectedtext="" style=" width: 200px;" sys_dependentid="148675" sys_dependentvariantid="1581" sys_folderid="148663" sys_relationshipid="11313799" sys_siteid="311" unselectable="on"><img alt="Moving" contenteditable="false" height="133" src="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=148675&amp;sys_revision=3&amp;sys_folderid=148663&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=901&amp;sys_authtype=0&amp;sys_command=edit" sys_contentid="148675" sys_variantid="901" unselectable="on" width="200" /> <div class="rxbodyfield" contenteditable="false" unselectable="on"><p contenteditable="false" unselectable="on">Your new home shouldn&#39;t require any major repairs for the first few years</p></div></div><p><strong>There are many reasons why you may be thinking about buying a new-build property, but there are also a few things you should take into consideration as well.&#160;</strong></p><p>Here, we outline the advantages and disadvantages of buying a new-build-home</p><h2>Getting a mortgage for a new-build home</h2><p>Most mortgage lenders will consider lending on new-build houses but some won&#39;t lend on new-build flats. The maximum proportion of the property&#39;s value you can borrow (the loan-to-value) may be lower than for a second-hand property.&#160;</p><p>The <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=301578&amp;sys_revision=2&amp;sys_folderid=274001&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="301578" sys_dependentid="301578" sys_dependentvariantid="1316" sys_folderid="274001" sys_relationshipid="11313807" sys_siteid="311" sys_variantid="1316" title="">first time buyer rates table</a> and <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=297069&amp;sys_revision=3&amp;sys_folderid=274001&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="297069" sys_dependentid="297069" sys_dependentvariantid="1316" sys_folderid="274001" sys_relationshipid="11313808" sys_siteid="311" sys_variantid="1316" title="">moving home rates table</a> from Which? Mortgage Advisers show what the best deals on the market are.&#160;</p><p>You can also use the Which? Mortgage Advisers&#39; <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=299253&amp;sys_revision=4&amp;sys_folderid=274001&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="299253" sys_dependentid="299253" sys_dependentvariantid="1316" sys_folderid="274001" sys_relationshipid="11313809" sys_siteid="311" sys_variantid="1316" title="">How much can I borrow? calculator</a> to figure out the size of mortgage you are likely to be able to get.</p><p><strong>Go further:</strong> <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=337125&amp;sys_revision=3&amp;sys_folderid=336925&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1068&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="337125" sys_dependentid="337125" sys_dependentvariantid="1068" sys_folderid="336925" sys_relationshipid="11313810" sys_siteid="311" sys_variantid="1068" title="">Help to Buy equity loans</a> - how to buy a new-build property with a low deposit <strong>&#160;</strong></p><h2>New-build home advantages</h2><ul><li>Major repairs and redecoration should be unnecessary for the first few years.</li><li>If the property is registered with the National House-Building Council (NHBC), it&#8217;ll come with a 10-year warranty and protection scheme. Find out more on the <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=252183&amp;sys_revision=1&amp;sys_folderid=235089&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="252183" sys_dependentid="252183" sys_dependentvariantid="1316" sys_folderid="235089" sys_relationshipid="11313800" sys_siteid="311" sys_variantid="1316" title="">NHBC</a> website. There are also other companies that provide warranties and insurance for new homes, such as BLP&#39;s <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=252184&amp;sys_revision=1&amp;sys_folderid=235077&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="252184" sys_dependentid="252184" sys_dependentvariantid="1316" sys_folderid="235077" sys_relationshipid="11313801" sys_siteid="311" sys_variantid="1316" title="">building defects insurance</a>.</li><li>The deposit required may be small.</li><li>If the house is not yet built or not yet completed, you may be able to get some features changed to suit your requirements, such as the position of a door, sockets or cupboards. However, you will have to pay extra for this and the builder may not agree to undertake any variations until after contracts are exchanged.</li><li>It may be easier to get a mortgage. Many builders arrange mortgage facilities for a whole estate in advance. There is often a link between the property developer and a particular building society, which makes it possible to get a loan of a high percentage of the purchase price.</li></ul><h2>New-build home disadvantages</h2><ul><li>The house might not be finished for some time. You can try to get the builder to agree a &#8216;long stop&#8217; completion date which means he&#39;ll be liable to pay you compensation if he doesn&#39;t finish the work by that date.</li><li>There might be nothing more than the site and the plan to show to solicitors and mortgage lenders.</li><li>Most mortgage lenders won&#8217;t release the final loan until all the work is completed.</li><li>There are often teething troubles, such as cracks produced by dried out plaster.</li><li>The roads on an estate might not be finished which may cause problems with a building society&#8217;s loan.</li><li>The garden might have to be laid and planted. There may be restrictions on what you can do to the front garden.</li><li>Even in a rising property market you may not get your money back if you have to sell within a year or two.</li><li>You may be required to pay for the new home by stage payments and therefore find yourself borrowing to pay for two houses at once.</li></ul><p>If you are looking for advice, the Which? Group offers an independent&#160;<a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=236585&amp;sys_revision=6&amp;sys_folderid=274001&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1316&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="236585" sys_dependentid="236585" sys_dependentvariantid="1316" sys_folderid="274001" sys_relationshipid="11313802" sys_siteid="311" sys_variantid="1316" title="">mortgage advice service</a> that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using Unbiased.co.uk.</p><p><strong>Go further:</strong> <a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=243949&amp;sys_revision=15&amp;sys_folderid=243948&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1068&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="243949" sys_dependentid="243949" sys_dependentvariantid="1068" sys_folderid="243948" sys_relationshipid="11313811" sys_siteid="311" sys_variantid="1068" title="">How to get the best mortgage deal</a> - a range of top tips to help you choose the right mortgage</p><h3>More on this...</h3><ul><li><a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=149331&amp;sys_revision=100&amp;sys_folderid=148615&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1068&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="149331" sys_dependentid="149331" sys_dependentvariantid="1068" sys_folderid="148615" sys_relationshipid="11313803" sys_siteid="311" sys_variantid="1068" title="">Mortgages</a>- thousands of deals compared</li><li><a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=280350&amp;sys_revision=1&amp;sys_folderid=280349&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1068&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="280350" sys_dependentid="280350" sys_dependentvariantid="1068" sys_folderid="280349" sys_relationshipid="11313804" sys_siteid="311" sys_variantid="1068" title="">Stamp duty explained</a>- how much you have to pay</li><li><a href="http://cmsprod:9992/Rhythmyx/assembler/render?sys_contentid=272228&amp;sys_revision=15&amp;sys_folderid=272224&amp;sys_context=0&amp;sys_siteid=311&amp;sys_variantid=1068&amp;sys_authtype=0" inlinetype="rxhyperlink" rxinlineslot="103" sys_contentid="272228" sys_dependentid="272228" sys_dependentvariantid="1068" sys_folderid="272224" sys_relationshipid="11313805" sys_siteid="311" sys_variantid="1068" title="">Which? Money Helpline</a>- for advice on property sales and purchase</li></ul></div>