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Buying a newly-built property can be a very exciting and practical way to create a ready-made home.
New build apratments and houses tend to be more energy efficient than older houses and with a NU living home, will normally include the latest fixtures and fittings and, of course, they are chain-free.
Financial incentives are sometimes on offer for buyers and this makes new homes particularly attractive for first time buyers struggling to get their foot onto the ladder. In addition, buyers may be able to take advantage of government backed schemes too, for example Help to Buy.
Your mortgage is probably going to be your biggest outgoing each month and it is important to be sure that you can afford your payments both now and in the future. Our mortgage calculator is an easy way to get an estimate of how much your monthly payments could be. You can enter the amount of your mortgage, any interest rate and term of years to get an indication of monthly mortgage payment, total amount and interest payable over the term. For comprehensive help and advice you should contact a Specialist Mortgage Adviser.
Location is one of the most important considerations for buyers and NU living is very careful about developing homes that are close to all the local amenities, such as schools, doctors, shopping facilities and transport terminals.
Our NU homes often come with the latest fixtures and fittings all included in the price, a fully fitted kitchen with appliances, sanitary-ware, tiling and flooring. On other developments where you can customise your property, we'll offer a range of options to enable your to create a truly bespoke home.
The latest building regulations require that adequate security and safety features are built into the specifications of the property, including smoke alarms.
A newly-built home is essentially a blank canvas for you to make your own mark upon. Although the basics will be in place and some neutral decoration will have been undertaken, you will usually have the option to decorate the property to your own tastes.
All developers and house builders that are members of the NHBC or LABC will provide a 10 year warranty and insurance policy on the property to safeguard you against any major problems with the building and to give you peace of mind.
If you think that a high quality brand new home is out of your reach, you may want to reconsider.
With a Help to Buy Equity Loan you need just a 5% deposit and the Government provides an equity loan of 20% of the property’s value in Essex and up to 40% in London. Because you're borrowing less from your main mortgage provider with a Help to Buy Equity Loan, this means you can take advantage of more competitive lending rates allowing you to realise your dream of owning a new home.
Take a closer look at Help to Buy and other Affordable Home Ownership Schemes that may be available.
Help to Buy London
Help to Buy Essex
The calculations given by this mortgage calculator tool are provided as an indication of what you could expect to pay back and should only be used as a guide. Results should not be considered as financial advice or a mortgage quote. Please speak to a Specialised Mortgage Adviser (SMA) for professional advice and guidance. Your home may be repossessed if you do not keep up repayments on your mortgage.
For comprehensive free help and advice visit: www.mortgageadvicebureau.com
There is so much involved in buying and selling your home that naturally, you may have lots of questions. We’ve tried to think of the most frequently asked ones here, but if we have missed any then please do get in touch. Call NU living sales enquiries
A mortgage is a loan secured on your home. The money received from your lender (less any tax or other costs) is known as the mortgage advance and the mortgage deed refers to the formal document that confirms the mortgage provider's (lender's) interest in your new home. The mortgage offer is the formal written offer of a mortgage made to you by your mortgage provider.
This will be dependent on a number of factors and you should seek advice from a Specialist Mortgage Adviser (SMA).
You can use our handy mortgage calculator to get an estimate of monthly payments and the Mortgage Advice Bureau is a useful resource for more information.
This is a tax on the transfer of ownership of an asset, in this case a property. The amount payable varies according to the purchase price of the property.
This is where you indicate you are interested in purchasing a property and confirm your intent with the payment of a reservation fee, typically somewhere between £500 and £2,000. This forms part of the purchase price as long as the sale proceeds.
They are professionals who can give you the specialist advice you need to be able to choose the right mortgage product for you.
Conveyancing is the legal process of buying and selling a home.
Disbursements are expenses incurred by your solicitor in respect of searches, stamp duty, land registry fees etc. Some elements such as searches are payable up front, with others such as stamp duty payable on completion.
Searches are enquiries made of the district or borough council to identify any local issues that may affect your property.
At this point, the sale of your new home becomes legally binding to both parties. A deposit is payable, typically 10% of the purchase price.
This is where ownership of the home passes to the new owner. It is sometimes referred to as 'handover'.
Every NU living home comes with a 10 year warranty provided by the Local Authority Building Control (LABC) which protects buyers of new homes from structural defects to the property, or in its construction. We also include our own two year warranty on the property, with a supporting customer care service should any issues arise in the first two years - giving further peace of mind.
The formal document that actually transfers legal title in your new home to you.
Stage 1 - Structural work
Stage 2 - First fix
Stage 3 - Second fix
Stage 4 - External works
Stage 5 - Finals
Our Customer Service team is on hand to help resolve any problems that may occur, but rest assured checks are made at every stage of the build process and your Sales Negotiator will keep you informed of the status of your sale. We also adhere to the Consumer Code of Conductwhich provides support, reassurance and peace of mind for buyers of all new build homes.