New build properties are appealing to house hunters for many reasons. For starters, you have a warranty covering you if anything goes wrong, as well as the property being highly energy efficient and fitted with brand new appliances.

When it comes to getting a mortgage for these new properties, different criteria or definitions may apply – usually, these are stricter since new builds are viewed as riskier by lenders. And with the UK government’s Help to Buy Equity Loan Scheme having ended in March last year, getting a mortgage for a new build isn’t as simple as it once was.

However, it’s not impossible, as many continue to do so, and successfully. We’ve come up with our top tips to help you secure a new build mortgage and purchase the new build property you’ve always wanted.

Build your credit score

The foundation of any successful mortgage application is a solid credit score. If you’re unsure what this is, it’s a numerical rating that tells lenders how good you are at paying your dues on time. While poor scores don’t necessarily rule you out of a mortgage, having a good one puts you in a much better position.

Your score is based on a variety of factors including credit history length, payment history, current amount owed, and new credit. Therefore, to improve this, you must make sure you make regular payments on time, keep your credit utilisation low, and pay off any outstanding loans.

Reduce your monthly outgoings

Now is the time to take a look at your outgoings and see if there are any regular payments you could pause or cut out completely. For example, are there any subscriptions you could go without? Could you be more sensible with your individual spending?

Reducing these monthly expenses frees up additional money that can be put towards your deposit or solicitor fees. The larger your deposit, the higher the chances are you’ll get on the property ladder and be offered better interest rates on your mortgage.

Look at government schemes

Should affordability be an issue, there are some government schemes that could help you purchase a new build home. One of these is the Shared Ownership Scheme, which allows you to buy a share of between 25% and 75% of the property’s value and then pay rent on the remaining share. This option is ideal should you not be able to raise a large enough mortgage, and offers better security than renting.

There’s also the Mortgage Guarantee Scheme, which the government has extended until June 2025. Its purpose is to encourage lenders to offer their products at a 95% ‘Loan to Value’ ratio, helping both current homeowners and first-time buyers to purchase a home up to £600,000 with a 5% deposit.

Choose an appropriate lender

It’s important that your lender be aware you’re buying a new build. You may need a mortgage that is arranged with a long delay between the exchange and completion of the development. This is because there’s a high chance your offer may expire before you can move in, and then you’re back at square one of the process.

Before starting your property search, it’s beneficial to get a mortgage agreement in principle (AIP). Essentially, this lets you know the amount you’re allowed to borrow before actually applying for a mortgage.