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New builds

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Privacy notice

New builds

New Build developments are properties (houses and blocks of flats) built or converted within the past 24 months.

Newly converted properties, completed by a professional and reputable development company, will be treated as New Builds. Examples include offices converted into flats or a professional barn conversion.

Stage payments on New Build properties are not accepted.

We will normally restrict the LTV for this property type to 85%, however we can also lend up to 90% LTV on new build houses where the application meets the following criteria:

Applicants

  • Clean Credit history (0 missed payments in the last 3 years)
  • As with all lending above 85% LTV, the maximum LTI is <4.5x income
  • Income: At least 50% of the Homeowner's total income must be derived from Employed income (Employed income received from an Owners LTD company must be excluded from the 50%). We will not consider applications where the owners total income is solely from self-employment.
  • Example 1 > Employed owner receiving Β£50,000pa & a Self-employed owner receiving Β£40,000 dividends pa and a salary of Β£10,000pa. All income can be included.Β 

    Example 2 > Employed owner receiving Β£50,000pa & a Self-employed owner receiving Β£55,000pa. Only Β£50,000 of the Self-employed income should be keyed on the application.

  • Applications where the home owners have no employed income are not eligible for 95% LTV borrowing.

Loan

  • Maximum loan is limited to Β£500k

Property

  • Available on new build houses
  • Not available on new build flats (Limited to 85%)

New Build Certificates

For any property built or converted within the last 10 years one of the following certifications will be required:

  • National House-Building Council Buildmark Scheme (NHBC)
  • Zurich Municipal Newbuild Scheme
  • Zurich Municipal Rebuild Scheme
  • Premier Guarantee for Private and Completed Housing
  • Build Assure (FMB)
  • Building Life Plans Scheme
  • Buildzone
  • LABC Warranty
  • LABC Warranty Scheme
  • ICW Warranty Scheme
  • One Guarantee Warranty Scheme
  • Castle Ten / checkmate
  • Global Home Warranties
  • Protek
  • Q Assure
  • Advantage HCI
  • Architect’s Certificate1, The Professional Consultants used must have one or more of the qualifications listed in the CML Handbook 6.7.4 National

New Build Valuations

Valuations can be assessed using the floor-plan provided by the Builder and also the plot map. The market value is derived from that plus comparable property information. A re-inspection may be required where;

  • there are significant changes from the floor plan reviewed by the valuer
  • the valuation is more than 180 days old and therefore expired or
  • it has been specified by the valuer within the original valuation report

The re-inspection fee is Β£75.