New Build Property Explained
A new build property may sound intuitively simple to understand, and indeed what you understand from the name is indeed true, it refers to a new build.
However as ever with mortgage jargon there is a fairly particular definition in place as to what counts as a new build property or not.
It must not have been occupied yet for the first time (or at least in its current form if it has changed through something like a renovation), and/or completed in the last 2 years.
New build property is of course attractive to many people who want to live somewhere that is brand new.
But beware that in many cases you will not be able to get as large a LTV (loan to value or mortgage percentage of the value of the house) as with older properties, because there is probably a premium on the price you are paying for a new build and therefore the maximum LTV amount you can get on it will come down.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Considering Location When Buying
- Finding Property Prices
- Home Reversion Plans
- Home Buying Milestones
- Non marketed properties and HIPs
- Bad Credit Mortgage
- Life Insurance
- Best Buy Mortgage Tables
- Additional Borrowing on a Mortgage
- Tracker Mortgage Details
- Commercial mortgage fees and repayments
- Bridging Loans and Mortgages
- Spanish mortgages
- Moving to Spain Finance
- Overseas property mortgages
