New Build Mortgage Advice
If you dreamt of owning a home with modern features then building your own home is one option. Thinking of building your own home? We offer independent New Build Mortgage Advice for homebuilders throughout Edinburgh.
Having a plan for a dream house is the first step. But there are things only experts can advise you on. At Lothian Mortgage Service we are here to offer the best advice for your needs.
Can you get a mortgage for a new build?
You can get a mortgage for a house that is not built yet; we call it off-plan in real estate. Most lenders are now familiar with the new arrangement and mortgage is available for new buildings. You may, however, face some issues on the period of time the offer is valid; otherwise, it shouldn't be hard to secure one.
Do you need a mortgage in principle to reserve a new build?
Mortgage offers are basically valid for a maximum of six months hence the risk of withdrawal before you complete your purchase. If you fail to complete the purchase, you lose your deposit and may be asked to pay for damages.
Can you get a mortgage to buy land and build?
Construction loans are available in short term loan. As long as you have accessed the loan, you can use it for buying land, constructing a building or even renovating an old one.
If you have any other questions or need some free advice on owning a new building, do not hesitate to contact Lothian Mortgage Service; our expert advisers will be more than happy to help.