Yes, as with most new builds schemes available on the market there are generally plenty of options of lending available, especially for first-time buyers. However, many first-time buyers are misinformed about where to go for their first mortgage.
Heading to your own bank may seem a sensible place to initially ask for a mortgage but large numbers of those hoping to get on the housing ladder are left disillusioned by the limited options their bank offers. The best advice for anyone purchasing a home new or old is head to a responsible advisor with wider access to multiple lenders. There has never been a better time to get access to a mortgage but you need to be in the right place. A common obstacle is gathering a deposit and selecting the right mortgage and importantly lender can make this more achievable.
Overall the property market is still undersupplied and the question should be is the new build market is sufficiently supported by the Government? We know there are plenty of brownfield sites that have been and more to be identified, that building new homes on will be imperative to get the entire market moving again. Some local areas need to do more to address nimbyism that can be a big barrier for local people to get their first or further step on the ladder in their own communities. Mortgage access is currently very good but there are just not enough homes to supply the demand. Action is needed through Government policy and movement from local authorities to really see a difference for all who are hoping for their next move.
Paul Bumford, Director of Andrews Financial Services
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