Buying a new-build home? Your mortgage questions answered
Buying a new home is exciting, but understanding deposits, affordability and mortgage applications can sometimes feel less straightforward.
To help make the process clearer, Hopkins Homes recently joined forces with The Mortgage Brain for a live Mortgage Essentials webinar, created for first-time buyers and those planning their next move.
The session brought together mortgage specialists Lee Scotney, Athena Mills and Lisa Lohrum from The Mortgage Brain, alongside Matthew Jones from the Hopkins Homes Sales Team. Together, they explored the mortgage process, the support available to new-build buyers and some of the questions customers are asking in today’s market.
You can watch the full webinar below at a time that suits you.
Understanding mortgage affordability
How much you may be able to borrow depends on more than your salary alone.
Mortgage lenders will consider your income, regular outgoings, existing financial commitments, deposit and individual circumstances when assessing affordability. Different lenders can also apply different criteria, which is why the mortgage available to one buyer may not be right for another.
Speaking to a qualified mortgage adviser early can give you a clearer understanding of your budget before you begin looking for your new home.
Preparing for your mortgage application
The webinar also looked at how buyers can prepare for a mortgage application.
Understanding your finances, checking what information you will need and discussing your circumstances with an adviser can help you approach the process with greater confidence. It may also highlight any areas you can work on before submitting an application.
For first-time buyers in particular, having someone explain each step can make the journey feel much more manageable.
Mortgages for new-build homes
Although the fundamentals are similar, buying a new-build home can involve different timescales and lending criteria from purchasing an older property.
The Mortgage Brain has advisers who specialise in new-build mortgages and can help buyers explore the products available for their individual circumstances. Some eligible energy-efficient homes may also qualify for green mortgage products, which can include preferential rates or cashback from certain lenders.
Mortgage products and eligibility criteria vary, so independent advice is important before making a decision.
Planning your next move
The webinar was not only for first-time buyers.
If your current fixed-rate deal is approaching its end or mortgage costs have made you reconsider moving, the session provides an opportunity to understand the wider options that may be available.
A mortgage adviser can look at your circumstances, the equity in your current property and the possible cost of your next mortgage. They can also help you consider the potential benefits of moving to a more energy-efficient new home as part of the complete financial picture.
Ready to explore your options?
Visit your nearest Hopkins Homes development to explore our available new homes and speak to our friendly Sales Team. We can introduce you to The Mortgage Brain if you would like to receive mortgage advice based on your individual circumstances.
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Hopkins Homes is not authorised to provide financial advice. Mortgage advice is provided by The Mortgage Brain. Mortgage products, rates and eligibility criteria vary according to the lender, property and individual circumstances.
The Mortgage Brain is a trading style of Elmco Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Registration number 445887.
The Mortgage Brain does not charge a fee for a mortgage consultation. There may be a fee for arranging your mortgage. The precise amount depends on your circumstances. However, it will be no more than £495 or 1% of the advance – whichever is greater.
Your home may be repossessed if you do not keep up repayments on your mortgage.