A record year for new homes constructed in England is driving increased interest in new build mortgages as the year-end approaches and developers look to meet sales targets, according to Precise Mortgages, the UK’s leading specialist lender*.
New government figures show 241,130 homes were built in England in 2018/19 – the highest number for 30 years. The Home Builders Federation reported an additional 380,000 new homes were due to be built and the major political parties are committed to supporting further expansion in housebuilding**.
Precise Mortgages is highlighting the need for an efficient and flexible approach from lenders in the run-up to builders’ year-end. Its extensive product offering is backed up by a New Build Priority Processing Team which is dedicated to assessing cases within 48 hours and making an offer within 21 days, as well as providing support and regular progress updates.
The lender is committed to helping customers with complex borrowing needs, such as self-employed customers with one year’s figures and those with less than perfect credit histories, including CCJs, defaults, DMPs and secured/unsecured loan arrears.
Group Managing Director Alan Cleary said: “December can be a good time for customers to negotiate the best price on a property as many developers are looking to meet key targets ahead of the end of the year.
“We’ve just recorded our most successful year for new build in terms of applications and completions. I believe this is down to a number of factors, including our intimate understanding of the market, getting to really know our intermediary partners and developers, our range of products and a commitment to delivering a service which delivers exactly what customers need.”
The lender has also extended its Help to Buy offering to Scotland in recent months, as well as launching a range of Help to Buy remortgages, including an option which allows customers to remortgage and capital raise to repay part of their original equity loan, to help early adopters of the scheme make the transition to becoming established homeowners.
* Source: BVA BDRC Project Mercury Report Q3 2019
** Source: https://www.theguardian.com/society/2019/nov/14/house-building-in-england-at-30-year-high-government-data-show