Opinion and guidance

The process of buying a new build home

Let’s talk about the homeownership journey and the key steps to buying a new build home. It’s good to be prepared, after all…

Step 1: Get a mortgage Agreement in Principle

A mortgage Agreement in Principle (AiP) will give you a clear idea of how much you could borrow. You can apply for a mortgage AiP directly via most high street banks. Remember, you do not have to take up a mortgage with the same bank you get an AiP with initially.

Step 2: Find your new build home

Use an online search engine or property portal, like Rightmove or Zoopla, to find a new build development near you. You can search our featured developments too. 

Step 3: Consider different ways to buy

There are many schemes available to help you buy a home, whether you are a first-time buyer looking to boost your deposit or an existing homeowner wanting help to sell or part exchange your property. Sales Advisors at your development will talk you through schemes and incentives available to you and put you in touch with an independent broker who can give you information on your borrowing options.  

Step 4: Reserve your home

If you have a mortgage Agreement in Principle, you can reserve your home. Reservation fees vary depending on the home builder and development, but usually start at £100.

Step 5: Instruct a conveyancing solicitor

Once you reserve your home you will need to instruct a conveyancing solicitor to manage the legal process. Most developments will be able to put you in touch with a recommended conveyancer.

Step 6: Secure your mortgage

Now your home is reserved, you’ll need to find a lender and apply for a mortgage product that’s right for you. A specialist new build mortgage broker can help you understand your options and give you access to exclusive offers.

The development’s sales team may be able to recommend an independent mortgage broker. The lender will organise a home valuation as part of this process, which will involve a fee.

Step 7: Finalise legal work

There are a number of legal steps and paperwork to be taken care of during the home buying process. This includes overseeing contracts, and carrying out local authority and Land registry searches to ensure there aren’t any issues you need to be aware of. A conveyancer will oversee this for you, guiding you through the steps.

Step 8: Personalise your home

The fun bit! Depending on what stage of the build your new build home is at when you reserve, you’ll be able to choose things like the kitchen style, flooring, tiling and more!

Step 9: Exchange, complete and pick up your keys!

Once the legal work is complete, you’ll exchange contracts and pay your deposit. And, once your house is ready, it’ll be time to complete the process and move in.

More advice on buying your first home?

We’ve joined forced with our friends Mortgage Advice Bureau to create a guide just for you!

Download ‘A first time buyer’s guide to new builds’ now.