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How to finance your purchase

There are multiple lenders offering mortgages on new homes, sometimes with exclusive packages.

Westerhill Homes can introduce you to Threshold Mortgage Advice, specialists in new homes mortgage advice. It’s important you get the right advice for your circumstances. Visit Threshold Mortgage Advice for more details: https://www.thresholdmortgages.com/.

There are lenders for those who are self-employed but with additional criteria regarding proof of earnings. A Financial Advisor can help you with what is required.

Threshold Mortgage Advice are specialists in the new homes market for mortgages. They are also independent mortgage advisors which means they search the whole market for you to get the right product for your personal circumstances, whereas your bank will only be able to offer their own products to you.

No, Threshold Mortgage Advice will not make a charge to use their services, other Mortgage Advisors may make a charge.

If you are thinking about buying a home it’s important to speak to an Independent Mortgage Advisor as soon as possible. You’ll then know how much you can borrow and how much you can spend on a new home purchase.

Your mortgage lender wants to be sure they are lending against a property which exists and is the right value. They employ a surveyor to carry out checks which include a visit to our Sales Office and the plot, if it is ready.

We want to help you to make the right buying decisions based on your affordability, and know that you are able to proceed with the purchase if we take a reservation from you.

Generally yes you will pay a fee for the survey, although some lenders offer a free survey.

When you exchange Contracts we ask you for 10% of the purchase price as a deposit. If you are a first time buyer using the Government-backed Help to Buy Equity Loan Scheme, it will be 5% of the purchase price. Take a look at our Buyers Guide – Help to Buy Equity Loan for details of this scheme.

A mortgage offer is usually valid for 6 months.

Mortgage repayments usually start in the month you legally complete and move into your new home. Your lender will notify you of the mortgage repayment dates in your mortgage offer.

It is not a legal requirement to have a survey if you aren’t having a mortgage however, many buyers feel it gives them piece of mind regarding the value and quality of build.

Developers have targets to meet for exchanges, and by using the panel FA it will help us, to help you, to be ready with your mortgage offer when your Solicitor is ready to exchange.

Yes, it’s for first time buyers and they’ll be able to go in to detail with you about the scheme. Take a look at our Buyers Guide – Help to Buy Equity Loan, for more information.