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New build mortgages are for people buying a new build home.
We consider a 'new build' to be a house or flat that's been built or converted in the last two years, or one that's going to be lived in for the first time.
You might find some lenders charge a slightly higher rate of interest on new build mortgages because they can be riskier than older properties. This is because the value of the property might fall in the early years.
You’ll also find some lenders ask for larger deposits for new build homes – but not us.
The good news is that we offer new build mortgages with just a 5% deposit. We also:
New build mortgages work in the same way as any other mortgage, but they usually come with additional features that are beneficial when buying a new build home.
For example, mortgage offers normally last for up to 6 months, meaning you need to complete the purchase of your home before the offer expires. If not, you may have to start your mortgage application again. This can become stressful if the construction of your home is delayed. But with a new build mortgage, you don’t need to worry, as the offer period is usually extended.
At the West Brom, our mortgage offers on new builds last for nine months. This gives you an extra three month’s peace of mind compared to other mortgages.
Whether you’re just thinking about buying a new build or are in the process of buying one, it’s worth reading New Homes Quality Board’s guide to buying a new build home open_in_new. From reservation fees to snagging, it covers everything you need to know.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our mortgage finder will help you find a new build mortgage deal that works for you. You can compare rates and see what your monthly payments might look like.
To speak to one of our mortgage advisers, just give us a call or request a call back.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
3.5% of amount repaid until 31/07/2027, followed by 2.5% of amount repaid until 31/07/2028, followed by 1.5% of amount repaid until 31/07/2029 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
3.5% of amount repaid until 31/07/2027, followed by 2.5% of amount repaid until 31/07/2028, followed by 1.5% of amount repaid until 31/07/2029 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
*Initial estimated monthly payments are calculated based on the figures entered above on a capital and interest repayment basis.
**For owner occupier mortgages, the actual variable rate applied will be based on the value of your property relative to the outstanding mortgage balance (this is known as the Loan to Value (LTV)). However, this rate will never be higher than the Society’s Standard Variable Rate at that time. For further details about what happens to your interest rate when your mortgage offer period ends, click here.
We’ll instruct a mortgage valuation. This is for our own use only. The cost of the valuation is set out in the product features. Where you feel you need more information about the property including its condition, there are three additional types of survey available to you: Home Survey Level 1 (Previously known as a Condition Report), Level 2 (Previously known as a Home Buyers’ Survey) and Level 3 (Previously known as a Building Survey). You’ll need to decide which level is best for you. For further details please visit rics.org
Representative example
A mortgage of £228,000 payable over 35 years initially on a fixed rate for two years at 5.58% and then on our current standard variable rate of 6.24% (variable) for the remaining 33 years would require an initial payment of £2,282.05, 24 monthly payments of £1,236.37 and 395 monthly payments of £1,333.50.
The total amount payable would be £559,744.76, made up of the loan amount plus interest (£330,620.76), a completion fee (£999) and an account management fee (£125 - paid upon redemption).
The overall cost for comparison is 6.4% APRC representative.
This representative example assumes mortgage payments are made on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
It works in the same way as getting any other mortgage. You’ll need to apply and go through the usual affordability checks. If successful, you’ll then get a mortgage offer and can go ahead with exchanging contracts with the developer, ready to move in on completion.
It changes from lender to lender, but you usually need at least 5% deposit of the property’s value.
That means, if the home you want to buy is £200,000, you’ll need a deposit of at least £10,000.
You can compare our range of new build mortgages using our mortgage finder.
New build mortgages work in the same way as any other mortgage, but they usually come with additional features that are beneficial when buying a newly built home.
For example, the mortgage offer on new build mortgages lasts for a longer period, when compared to other mortgages. But this period can vary from lender to lender.
If you’re planning on buying a home that’s been built or converted in the last couple of years, a new build mortgage could be perfect for you. They usually come with additional features that are beneficial when buying a newly built home including a longer mortgage offer period, giving you peace of mind if there’s delays in construction.
It’s worth comparing mortgage deals though to see what’s best for you. If you’re unsure, you can talk through your options with a mortgage adviser.
Whether you have a question or are ready to take the first step, we're happy to help.
0345 241 3785schedule 8:30am to 6:00pm Monday to Friday
schedule 8:30am to 12:30pm on Saturday
You can also request a call back or visit us in branch.
