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New Build Mortgages

Buying a new-build property offers modern living, energy efficiency, and less upfront maintenance but the mortgage process can differ slightly from buying older homes. At WIS Mortgages, we help first-time buyers and home movers secure the right new build mortgage without any broker fees.

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Key Benefits

Access with 5% Deposit:
Some lenders offer 5% deposit new build mortgages, especially when supported by government schemes.
Energy Efficiency Savings:
New homes often come with lower utility bills, which can help with affordability assessments.
Builder Incentives:
Developers may offer incentives like deposit contributions or upgrades.
Fixed Mortgage Offers:
Lenders can often extend offers for 6–9 months, helping with construction delays.

How New Build Mortgages Differ From Standard Mortgages

A new build mortgage works on the same basic principle as any residential mortgage, but lenders apply a few extra checks because the property doesn’t exist yet in its finished form, or has only just been completed. Lenders typically extend mortgage offers for longer than usual — often 6 to 9 months rather than the standard 3 to 6 — to account for construction delays that are common on new developments. Valuations can also be more cautious, since there’s no chain of previous sale prices to compare against, and some lenders limit how much of a developer incentive (like a cashback contribution) can count toward the purchase price.

New Build Flats vs New Build Houses

Lenders often treat new build flats more cautiously than new build houses. Flats can carry lower maximum loan-to-value limits, and some mainstream lenders decline to lend on new build flats altogether, particularly above a certain number of storeys or where cladding remediation is still an open question on the block. This is one of the main reasons whole-of-market advice matters for new build flat purchases specifically — a broker who knows which lenders are currently active in this space can save weeks of wasted applications.

Mortgage Offer Extensions and Build Delays

Construction delays are common on new developments, and most lenders anticipate this by offering longer initial offer periods than on a standard purchase. If a delay runs past the original offer window, many lenders will extend the offer further, particularly where the developer provides written confirmation of a revised completion date. Rates are sometimes reassessed at the point of extension, so it’s worth checking with your broker how a specific lender handles this before you commit to a particular product.

Developer Incentives and How Lenders Treat Them

Developers frequently offer incentives on new build purchases — stamp duty contributions, cashback, or free upgrades to fixtures and fittings. Lenders are aware of this and will often deduct the value of the incentive from the property’s purchase price when calculating the loan-to-value ratio, since the “true” price paid is effectively lower once the incentive is accounted for. This can work in your favour or against you depending on the deposit you have available, so it’s worth having a broker model this out before you rely on an incentive as part of your deposit plan.

Reserving a Plot Before Your Mortgage Offer

Developers usually ask for a reservation fee to secure a specific plot, often before a full mortgage offer is in place. Getting a Mortgage in Principle first is the safer route — it gives you a realistic sense of your borrowing capacity before you commit money to a reservation, and most developers accept it as evidence you’re a serious buyer. Reservation periods on new builds are often shorter than standard exchange timelines, so having your mortgage application moving in parallel matters more here than on an older property purchase.

Government-Backed Schemes for New Build Buyers

The First Homes Scheme is specifically designed for new build properties, offering eligible first-time buyers a discount against the market value in exchange for certain local eligibility criteria and resale restrictions. The Mortgage Guarantee Scheme also supports new build purchases with lower deposit requirements at select lenders. Scheme availability, eligibility criteria, and discount levels can change, so always confirm current terms directly with the scheme provider or your broker rather than relying on older information.

Snagging and Why It Matters for Your Mortgage

A snagging survey checks for defects or unfinished work before you legally complete on a new build. While it isn’t a lender requirement, it protects you as the buyer — issues identified before completion are typically the developer’s responsibility to fix at no extra cost, whereas problems found afterward can be far more difficult to resolve. New builds also come with a structural warranty (commonly NHBC, LABC, or Premier Guarantee) that most lenders require as a condition of the mortgage, so confirming which warranty applies to your specific plot early in the process avoids delays later.

Why Speak to a Specialist Broker for a New Build Purchase

New build purchases move on the developer’s timeline, not yours, which means mortgage applications need to be handled with more urgency and coordination than a standard purchase. A broker experienced with new builds can identify which lenders are actively supporting the specific development or property type, manage the mortgage offer extension conversation if completion slips, and make sure incentive structures don’t derail your loan-to-value calculation at the last minute.

Eligibility

Eligibility Criteria and Requirements.

Who Can Apply?

 
You may be eligible if you:

  • Are a first-time buyer, home mover, or buy-to-let investor purchasing a new-build property
  • Have a minimum deposit (typically 5%–15%)
  • Meet the lender’s affordability and credit criteria
  • Are purchasing from an approved developer

What are the Requirements?

 
You may be eligible if you:

  • Reservation agreement or purchase contract
  • Proof of deposit (bank statements or gifted deposit declaration)
  • Proof of income (payslips or accounts if self-employed)
  • Photo ID and address verification
  • Credit file (most lenders will run checks)
Please note: Meeting these criteria does not guarantee mortgage approval. All applications are subject to underwriting and affordability checks by the lender.

The Challenges

  1. Short deadlines for mortgage offers due to developer timelines
  2. Higher property prices relative to local area comparables
  3. Delays in property completion impacting timing
  4. Limited lenders willing to finance certain new build types (e.g. flats)

How we help you

  1. We guide you through time-sensitive new build mortgage applications efficiently.
  2. We work with lenders who specialize in new build mortgages and understand valuation differences.
  3. We monitor the progress of your application to align with your completion date.
  4. We advise on options such as Deposit Unlock or developer incentives where applicable.

How can we help

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How the Application Process Work?

Applying for a mortgage through our service is straightforward

1
Book an Appointment

Book an appointment with one of our advisers to discuss your mortgage requirements. Be transparent about your situation so we make the whole journey much smoother for you.

2
Download MortgagX app

Download MortgagX app, fill in a few key details, select the recommended mortgage product, upload your documents and relax till we get your mortgage sorted.

3
Completion

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Processing times vary depending on lender efficiency and individual case complexity.

Important Information And Regulatory Disclosure

Risk Warning
Your property may be repossessed if you do not keep up repayments on your mortgage.
FCA Authorisation
This service is provided by WIS Mortgages, which is authorised and regulated by the Financial Conduct Authority.
Fee & Commission Disclosure
We act as a mortgage intermediary and may receive commission from lenders. A fee may be payable for mortgage advice, which will be disclosed clearly in advance.
Adviser Disclosure
This content is for informational purposes and does not constitute personalised financial advice. Mortgage advice will be provided after assessing your individual circumstances.

Frequently Asked Questions

Find answers to some of the most common questions about mortgages, applications, and our services.

New build mortgages work similarly to standard mortgages, but lenders may have stricter criteria and shorter valuation timeframes. Offers are often valid for 6–9 months to accommodate build completion.

While most lenders require 10%–15%, some offer 5% deposit new build mortgages—especially under government-backed schemes or if the developer contributes.

Sometimes. New build mortgage rates can be slightly higher due to perceived risk, but with the right lender, competitive rates are available.

deposit options for eligible buyers." Replace just that answer box with:

Yes, but it’s wise to get a Mortgage in Principle first to understand your borrowing capacity before committing to a reservation fee.

Yes. New-build flats often have stricter lending criteria or lower loan-to-value limits compared to new-build houses.

Many lenders offer mortgage offer extensions (often up to 6 months) for delays, especially with builder confirmation.

Yes but lenders may deduct the value of incentives (like stamp duty contributions) from the property's value when calculating the loan.

It’s not mandatory, but strongly recommended. A snagging survey helps identify any defects before completion.

Yes. The scheme is designed for new builds and offers discounted prices to eligible buyers, with lender participation required.

Last updated: July 2026

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