From Adviser Guide:
New Buy Mortgages 1hr
Q: How can I source the best deal?
As of summer 2012, only a handful of lenders are offering NewBuy mortgages.
If a borrower goes to a broker and has a property in mind, Jayne Walters, press officer of the Council of Mortgage Lenders, said the only lenders the borrower will be able to choose from are those who the builder is partnered with.
Each lender has various mortgage deals to choose from.
Customers should be aware that lenders have adopted different strategies for distributing their products.
Andrew Baddeley-Chappell, head of mortgage strategy and policy on the NewBuy scheme for Nationwide, said some are only available direct from the lender, some only from a limited range of brokers and some from across the broker market.
Mr Baddeley-Chappell said this means there is not automatic route to access to all the deals that are available.
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More in this guide
- Q: What is the NewBuy Guarantee?
- Q: Who is eligible for a NewBuy mortgage?
- Q: What properties are eligible for a NewBuy mortgage?
- Q: What are the pros and cons of NewBuy mortgages?
- Q: What are the FSA requirements for NewBuy advice?
- Q: What are the alternatives to a NewBuy mortgage?
- Q: What information will the lender require?
- Q: How can I make sure my client gets a decision quickly?