Almost every new house is designed and built differently to suit the people that own and live in them, and in the same way the finance should be structured to suit each situation as well; however in many cases people are too busy with the building process and getting the build specifications and build contract sorted out, so therefore just accept the one option presented to them.
Finance For A New Build
Finance for any new build is important as it can often represent a significant amount of money and getting it wrong can prove stressful and expensive.
Even when you think you have arranged suitable finance you might find that an experienced mortgage adviser will pick up on a few ways to improve things to take the stress of the finance away by ensuing that the correct amounts of funding are available at the right time to suit the building contract, that you have additional money available should you need extra and they can also help you save money too.
A Choice Of Finance Options
We believe that you need options.
A good mortgage will have a range of bank and non-bank options for financing a new build and can therefore select the best option for you. In many cases this will be with your existing bank but at times to get the best finance for your new build it means getting finance with a different bank.
If you are in a situation where you want to keep your existing property either just for the period of the build, or as a long-term rental then it may be prudent to have mortgages with more than one bank too.
Only a mortgage broker can offer you these options.
A bank can only recommend one of that banks loans, and many specialist lenders or ‘so called’ mortgage brokers have very limited options too.
My name is Stuart Wills and I have now been a mortgage broker for almost 20-years, and in that time I have always ensured that I have had a range of options for people so we can offer what is right for those people regardless of their situation.
