From Adviser Guide:
New Buy Mortgages 1hr
Q: What properties are eligible for a NewBuy mortgage?
The scheme has a maximum property value of £500,000 and repayment mortgages only are being offered.
Although some lenders limit properties to £250,000, warned Andrew Baddeley-Chappell, head of mortgage strategy and policy on the NewBuy scheme for Nationwide.
In May 2012, Jayne Walters, press officer of the Council of Mortgage Lenders, said the Scottish government was in the process of developing an equivalent scheme, with the help of the CML and Homes for Scotland.
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More in this guide
- Q: What is the NewBuy Guarantee?
- Q: Who is 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: What information will the lender require?
- Q: How can I make sure my client gets a decision quickly?