Residential - New Build/Help to Buy

Overview

When a customer comes to you with a new build property they’ve fallen in love with, have you struggled to place them with a suitable lender? Some high street banks may not be keen but we could help.

Our new build criteria gives your customer a better chance of realising their dream. Even if they’ve been declined by a high street lender, our extensive range of Help to Buy products could help to make that dream a reality.

What’s more our New Build Priority Processing Team are committed to assessing cases asses within 48 hours and providing offers within 21 days. You can contact the team directly by calling 0330 159 6001.

The Government’s Help to Buy scheme is available exclusively to residential customers buying a new build property and offers extra funding for London properties.

What you need to know

  • NEW! Help to Buy remortgage products now available for properties originally purchased under any Help to Buy Shared Equity Scheme.
  • NEW! We accept applications on Help to Buy Scotland Shared Equity schemes.
  • Your customer contributes 5% of the purchase price as a deposit. The Help to Buy scheme provides a Shared Equity Loan up to 20% of the purchase price, which increases to 40% for Help to Buy London customers, and we’ll even accept builder incentives of up to 5% on top of that.
  • We can consider an adverse history (see our Help to Buy Product Guide for more information).
  • Non-repayable family gifted deposits accepted.
  • Self-employed with 1 year’s accounts or Tax Overview with either SA302 or HMRC tax Calculation.
  • New Build cases assessed within 48 hours, offered within 21 days.
  • Mortgage offers for new build properties are valid for six months from the date of valuation, but can be reviewed and may be extended for up to an extra three months if the completion date slips due to circumstances outside your control.

Product and Criteria guides

Before submitting an application on this product you should ensure your customer is aware of the implications of taking a Shared Equity Loan as part of the financing of the purchase of their home.

For Help to Buy schemes in England and Wales, payments will be required on the Shared Equity Loan after five years in addition to the repayments on the loan the customer takes with us. Your customer should consider how they will repay this loan and understand that if house prices go up the amount they have to repay as part of the Shared Equity loan will go up.

For further information on the Help to Buy shared equity Loan Scheme your customer should go to www.helptobuy.gov.uk for England and Wales or www.mygov.scot/help-to-buy for Scotland, and ensure they fully understand how the scheme works.

LIBOR Trackers and the Reversion Rate

LIBOR Trackers and the reversion rate are variable rates that are linked to 3 month LIBOR and will change quarterly on 12 March, 12 June, 12 September, 12 December. Please note if this date falls on a non-working day then the LIBOR rate will be taken on the previous working day.

All of our LIBOR tracker products have a floor. This means that if LIBOR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above LIBOR. This means that the rate payable will never go below 0.00% plus the additional percentage rate of the tracker mortgage.

Residential Mortgages

Contact us

Document downloads


Residential Mortgage service update


Buy to Let Mortgage service update (including Portfolio and Limited Company)


New Build Residential service update


All applications

1excludes the day of upload/receipt

Download our Residential or Buy to Let Mortgages submission guides to help provide a smooth application process for you and your customer.

For intermediary use only
BBR 0.75% / 3 month LIBOR 0.80%