For the most part, applying for a mortgage is the same regardless of whether your home is newly built or a historical gem.

However, there are a few things to think about when buying a new build property. Generation Home considers a property a new build if it was built or converted in the last 24 months.

Mortgage offer period

Buying a new build off-plan (before it’s built) is common. But it's worth considering how long your mortgage offer is valid and when the property will be completed.

At Generation Home, our mortgage offers are valid for 180 days.

Because of this, we recommend starting your Generation Home application no more than 7 months before your new home is ready and you can complete the purchase.

If the mortgage offer does expire, we would need to start a new application. Please note, that a new application will be subject to products available and criteria applicable at that time.

For a new application, up-to-date verification documents, valuation, and independent legal advice (if you have a booster) will be required. You can learn more about how to get a new mortgage offer here.

Developer freebies

Some property developers will offer to pay buyers' Stamp Duty or legal fees. This is because a developer would much rather offer an incentive than reduce their purchase price.

It's worth noting that lenders will take account of any developer incentives when considering your mortgage.

At Generation Home, we will not lend against New Build developments where incentives paid to the purchaser are more than 5% of the purchase price.

  • Where incentives are less than £2,000 the incentive is allowed with no change to lending.

  • Where incentives are greater than £2,000 but no more than 5% of the purchase price of the property, the value of the incentive will be deducted from the property value when calculating the LTV.

For any property built or converted within the last 10 years one of the following certifications will be required:

  • National House-Building Council Buildmark Scheme (NHBC)

  • Zurich Municipal Newbuild Scheme

  • Zurich Municipal Rebuild Scheme

  • Premier Guarantee for Private and Completed Housing

  • Build Assure (FMB)

  • Building Life Plans Scheme

  • Buildzone

  • LABC Warranty

  • LABC Warranty Scheme

  • ICW Warranty Scheme

  • One Guarantee Warranty Scheme

  • Castle Ten / checkmate

  • Global Home Warranties

  • Protek

  • Q Assure

  • Advantage HCI

  • Architect’s Certificate1, The Professional Consultants used must have one or more of the qualifications listed in the CML Handbook 6.7.4 National

Please reach out to us on live chat, or via email if you have any questions.

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