New Build mortgages

Saving for a deposit can be the hardest part of buying a house. So, we offer mortgages to help people with low deposits to purchase a new build. This could also provide an alternate option for those who might not be eligible for some of the affordable home ownership schemes that are currently available on the market.

Loan to value (LTV) explained

This is the value of your loan as a proportion of your property's value. For example, if you were purchasing a home for £100,000, and had a deposit of £15,000 then you would need to borrow £85,000. This would mean that you would require a mortgage product that offered an LTV of at least 85%.

A choice of low-deposit mortgages

Our range includes mortgages that require from as little as 5% of the property value for a deposit. However, the maximum LTV on our new build mortgages varies depending on whether you're buying a house or a flat.

• For new build houses, we offer up to 95% LTV mortgages, which require a minimum of 5% deposit.
• For new build flats, we offer up to 90% LTV mortgages, which require a minimum of 10% deposit.

We also offer up to 95% LTV mortgages for Shared Ownership and First Homes England scheme properties. You can find out more about these and whether you might be eligible for the scheme on our Shared Ownership and First Homes England pages.

The benefits of new-build properties

Our underwriters respond quickly to mortgage applications on new-builds, so normally you won't have to wait more than 48-hours to get an initial underwrite assessment. The offer period on mortgage applications for new-builds can be extended from nine to 12 months, subject to meeting our lending criteria.

But that’s not all. According to government data, new builds tend to have better energy efficiency ratings than older properties, which usually means lower running costs for you and the property will have a lower carbon footprint. So helping more people buy these types of properties also helps towards our target to become a greener Society.