From Adviser Guide:
New Buy Mortgages 1hr
Q: What information will the lender require?
The lender will need to know that the builder building the property is partnered with them and that the property is being offered as a NewBuy property.
The lender will require the same information as any other mortgage.
The lender will assess the application using standard affordability and underwriting policies. Builders or developers are required to fill out the updated disclosure of incentives form.
Andrew Baddeley-Chappell, head of mortgage strategy and policy on the NewBuy scheme for Nationwide, said while he expected most builders to work with at least one lender it cannot be assumed that all lenders will work with all builders.
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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: How can I source the best deal?
- Q: How can I make sure my client gets a decision quickly?