From Adviser Guide:
New Buy Mortgages 1hr
Q: Who is eligible for a NewBuy mortgage?
Any UK citizen or person with indefinite leave to remain who is purchasing a new build property for their main residence is eligible.
NewBuy is open to all UK buyers of new build residential property – both houses and flats - in England, not just first-time buyers, who have a deposit of between 5 per cent and 10 per cent.
Nobody buying a second home or buying with a buy-to-let mortgage is eligible, neither are shared ownership or shared equity deals.
Properties cannot be purchased for renting, warned Andrew Baddeley-Chappell, head of mortgage strategy and policy on the NewBuy scheme for Nationwide.
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More in this guide
- Q: What is the NewBuy Guarantee?
- 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: What information will the lender require?
- Q: How can I make sure my client gets a decision quickly?