Opinion and guidance

7 benefits of specialist new build mortgage brokers

One of the advantages of buying a new build home is support you’re offered throughout the process – including that of a specialist new build mortgage broker. Oliver Peace of James Leighton Financial Services explains more about the role of specialist mortgage brokers and how they can help unlock the door to your dream home.

When it comes to new build houses – deadlines matter. They matter big time. Getting a valid mortgage offer from a lender that accommodates the nuances of new build property, so that you can exchange in time and complete to deadline, potentially six to nine months down the line is key. This is where a new build specialist broker shines.

You might be wondering ‘Should I use a mortgage broker?’. To help with your consideration, here are 7 benefits of new build mortgage brokers:

1. Fee free

Most mortgage brokers charge a fee upfront and receive a commission from the lender on completion. Fee-free brokers rely on the commission which means they only get paid if they make the dream of buying a new house come true. They have skin in the game!

 2. ‘Whole of Market’ for mortgages

Specialist new build mortgage brokers have access to all mortgages on the market. Unlike a bank, who can only advise on their own products and, in fact, some brokers who use a ‘select panel’ of lenders. This means you can be confident they will be able to get you a market leading deal.

3. Strong lender relationships

Specialist brokers will be sending bucket loads of applications to lenders, opening up access to ‘VIP’ services from banks including dedicated underwriting and more senior relationship teams. Ultimately, what this means to you is less risk of delay, hassle and stress.

4. Exclusive new build mortgage products

Some lenders will regularly offer specialist new build mortgage brokers additional new build exclusive products not normally available to the wider broker market. This means that you can be confident that they will be able to get you a highly competitive mortgage product.

5. Accustomed to tight deadlines

There are all sorts of banana skins that will trip up brokers that aren’t submerged in the nuanced new build world full time. With less than 6 weeks to exchange contracts, one application sent to the wrong lender could mean missing that deadline. A specialist’s experience will help to minimise that risk enormously.

6. Understanding of home ownership schemes

A specialist new build mortgage broker will be able to support you with all aspects of any home ownership scheme out there. Shared Ownership? First Homes? Deposit Unlock? No problem. Which lenders accept builder cash incentives at 90% Loan-To-Value (LTV)? Easy, ask me another one.

7. Available 7 days a week

Specialist new build mortgage brokers and available two more working days than traditional brokers and banks! That means no waiting for appointments, less time to get your all-important mortgage offer and a load less stress. Boom!

If you are wondering how on Earth you can find one of these illusive specialists. Panic not. Homebuilders will have at least two they trust to do a great job for you. Happy house hunting!

This information was contributed to by our friends at James Leighton Financial Services. For advice, you can contact the team on 0115 8709520, 7 days a week, between the hours of 9am and 6pm or email them at [email protected].