There are some notable differences between purchasing a new and second hand property.
The sales process varies and different milestones need to be achieved prior to you getting the keys. There could also be another party involved such as the help-to-buy scheme.
Each lender views new build properties in a unique way and has lending criteria that differs from their second hand policy. Examples of this include the amount of deposit they require (which varies from houses to flats) to how long mortgage offers are valid for. This is particularly important given that each site will have a different completion date.
As a result of the distinct differences between a new build and second hand purchase it is important to obtain professional advice and have access to specialist sales progression.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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