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New build and self-build homes are rising in popularity, with growing numbers of buyers and landlords making the most of the benefits they have to offer.
If you want to use these types of property as security against a secured loan, it’s important to have the right support and knowledge on your side.
We tell you everything you need to know about new and self-build properties and what you may need to consider before you start your application.
A new build property is classed as a property that is brand new and has not had any previous occupants. Some buyers also have the option to buy a new build property off-plan, which means purchasing the property as part of a development before it has been built. The advantage of doing this is that you can tailor certain elements of the design to your preferences.
A self-build property is a bespoke home that you are in charge of constructing from the ground up on land you have purchased. It can literally be a project you build with your own hands, or you can hire a surveyor and building company to manage the project on your behalf. With a self-build property, you can create a home exactly the way you want it as the design is made from scratch.
Our lenders will accept self-build properties and developments as security. A referral to the lender may be needed just to confirm they are happy to proceed if the property is a unique construction type. You may be asked by the lender to submit relevant documents such as a Premier Guarantee or certificates issued by the architect or the National House Building Council (NHBC).
Get in touch if you need more information about using a self-build property and we can guide you through the process and offer more clarity on the type of documents you will need to provide.
You can include a new build property as part of your secured loan application, as most lenders will accept them.
Depending on the lender, there may be some slight differences in how they define a new build property, as it often comes down to the date it was built.
If the property has been built in the last 10 years, most lenders will ask you to provide a building warranty, along with any other relevant documents that are part of their lending criteria such as your NHBC Certificate or equivalent.
When it comes to the maximum loan to value (LTV) required to use a new build for a secured loan, it will usually depend on a few different factors.
LTV relates to the percentage of borrowing you are allowed to take out against the property.
Lenders tend to look at things like the amount of equity you have in your home, the status of the property (residential, buy-to-let etc.), your current finances and credit score and any underwriting policies imposed by your mortgage provider.
To find out how this affects your property, you can speak with one of our advisors who can tell you more about LTV limits for new build properties.
When you buy a new build property you will be issued with certain warranties and certificates that confirm it has been constructed to meet current building standards.
Lenders also need to establish this as part of the application process, so they may ask you to supply warranties issued by Premier Guarantee or the NHBC.
An architect’s certificate and a copy of the architect’s indemnity details may also be part of the lender’s document criteria.
A warranty from a different provider could be accepted, so if this applies to your situation, get in touch and we can explain if a referral is needed for your application.
Getting a quote won’t affect your credit score
If you do not have a warranty but can provide an architect’s certificate, this may still be enough for some lenders.
An architect’s certificate – which is also known as a Professional Consultant’s Certificate (PCC) – confirms that a new build or significant renovation project meets current building regulations. It serves as a guarantee for the quality and safety of the construction work used to build the property.
Supplying this along with a copy of the architect’s indemnity details are important parts of the application process, as it can help the lender to balance the risk and offer the most appropriate deal.
There are some lenders that will accept part-completed developments on a bridging loan rather than a secured loan.
The lending criteria usually requires you to provide a full valuation of the development, appropriate warranties and insurance-backed guarantees. This can offer more assurances about the structural condition and marketability of the development.
Feel free to speak with the Willows team if you need more information or if you have any questions about using a part-completed development.
Most lenders will accept a barn conversion as loan security, provided the right documents are supplied with the application.
A barn conversion is a farm building that has been made habitable for domestic use. It can also be classed as a new build as it has previously been used for something else and has not been previously occupied.
The lender will want to know more about the planning permission and legal work involved with the property, including its suitability for a secured loan
In general, converted properties can be used as loan security, so if you are thinking of including one in your application, get in touch and we’ll run through everything you need to know.
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We’ve been helping people find mortgage deals since 2008, making it easier to find the best deal to suit their circumstances. Our team of experienced brokers provide free and friendly advice with no obligations and offer access to a huge range of deals. Whatever your budget we’ll work with you to find a deal that is tailored exactly to your needs
Finding the right deal for these types of properties can be made simpler if you have access to professional advice and expertise. This is where the Willows team comes in, working with you to understand your needs and concerns so we can match you with a lender that fits your criteria.
We’re available to speak with right now about self builds, new builds and any other secured loan query you may have. Get in touch with us today by calling 01656 766 158 and we’ll be more than happy to help.
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
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Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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