Willow Brook Mortgages provide mortgage advice for Curo Homes
Where award winning mortgage advice works with award winning homes
Willow Brook Mortgages provide expert and friendly mortgage advice. We are a family run mortgage brokerage with access to over 100 lenders. We aim to make the mortgage process understandable and simple for you. Your advisor will look after you from day one until getting the keys *celebration emoji
We have a wealth of knowledge in new build mortgages to ensure that you get the best mortgage deal. This is why curo trust us and recommend Willow Brook Mortgages to clients purchasing their houses.
What you will get from Willow Brook Mortgages:
A bespoke service with your own dedicated advisor who you can call or email with any queries along the journey
Expert advice from advisors with a wealth of knowledge in the mortgage industry
A decision in principle to show the mortgage available for you and the option for a credit search to secure this
Access to over 100 lenders so we can find you the best mortgage deal
What is a new build mortgage?
A new build mortgage is a mortgage that is being taken out on a new build house or flat. A new build house or flat is usually a home that it just being built that hasn’t been lived in but can also include properties that have been substantially renovated within the last 2 years as well. Sometimes new build properties are sold off plan which is when the property hasn’t been built yet or has only just started being built.
How does a new build mortgage work?
Getting a mortgage for a new build property can be more complex due to things such as buying off plan, the different warranties that can be in place, incentives being offered and the timeframe that an offer is in place for.
Is lender criteria stricter for new build mortgages?
For a new build mortgage a lot of lenders have different criteria such as a higher deposit, stricter criteria and require things such as warranties in place from the builder. This is where it is important to use a mortgage broker to ensure you are going with the best lender and getting the most competitive product.
Benefits of buying a new build house with a new build mortgage;
Warranty – new build properties will have a warranty in place such as a NHBC certificate which will cover the property for 10 years on any building defects
You might be able to choose fittings and finishings such as flooring, tiles and the kitchen depending on what stage the build is at when you agree to buy the property
No chain – as you are buying directly from the buyer you won’t be involved in a chain this side of the purchase
Energy efficiency – most new homes are targeted around being energy efficient with the benefits of new windows, a new boiler and some are fitted with solar panels or other renewable energy resources
The new build buying process
- Speak to Willow Brook Mortgages so that we can discuss your circumstances and establish how much you can buy a property for. We will discuss your deposit, monthly payments and ensure you have everything ready to start your property search
- The property search begins – you will be able to view properties and speak to Curo homes about the properties available for you
- Find your dream house and agree a price. You will then be able to secure the house by reserving it with Curo. You will need to pay a reservation fee and be provided with a reservation form to send to your mortgage broker containing the details for the property.
- Now you are ready to get the mortgage underway. Your mortgage broker at Willow Brook Mortgages will discuss your mortgage with you in more depth and find you the best mortgage deal from over 100 lenders. We will request any documents required to support your mortgage application and submit the application across to the lender on your behalf.
- Instruct your solicitors – Curo will recommend a solicitor for you to use when purchasing the property. The recommended solicitors will have worked on different properties on the development so they will usually be a lot quicker and more knowledgeable on the properties
- The lender will instruct a valuation to check they are happy with the property you are buying – don’t worry if you are buying off plan, we will ensure that the lender is happy with the current stage of the property
- Your mortgage offer will be issued
- Solicitors will finalise everything to ensure they are happy with the property you are buying. You will usually have 28 days from reserving the property to exchange of contracts so everything will now be in place to exchange contracts
- Get your keys and move in – Curo will update you on when the property will be ready and they will walk you through the house and hand over the keys for your new home
Schemes available on new build properties
Shared ownership – for shared ownership properties you will buy a share of the property which can be from 25% to 75% and you pay rent on the remaining share of the property. They are great for getting on the property ladder because you pay the deposit based on the part of the property you are buying. Willow Brook mortgages have advisers who specialist in share ownership mortgages to check all of your options for you
Low cost housing – these are sometimes referred to as discount market scheme properties. The house or flat is sold at a discounted value such as 70% of the full value. If you sell the property on in the future, this discount would need to be applied for a resale as well. There is criteria set out for these properties such as a maximum salary in place to ensure they benefit the right people.
First homes – the government first home scheme was put in place to help first time buyers in getting on the property ladder. Similar to low cost housing, you pay 30-50% less for the property. The property will be advertised with this if it is available and you will also need to meet the criteria.
Lifetime ISA – a lifetime ISA gives you a top of 25% of your savings each year up to £1000 per year. The ISA can then be used when buying your first home. For more details you would need to contact your bank or the government website for full criteria.
Mortgage guarantee scheme – this was introduced by the government to encourage lenders to offer 5% deposit mortgages following coronavirus. There is very little difference for you, but the lender gets the support from the government to encourage more lenders to offer 95% mortgages and therefore makes them more competitive.
Deposit unlock scheme – this is a scheme that has been set up by the Home builders federation. Similar to the mortgage guarantee scheme, this was put in place to increase the number of mortgages available with a 5% deposit
