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We understand that new build properties present an opportunity for people to get onto the housing ladder, through the use of schemes, builder incentives and the ease of moving into a brand-new property that doesn’t require renovation.
Get life moving for more New Build clients, with:
Fee Saver and Flex options
We have some extra product options to consider when purchasing a residential new build, including our Fee Saver option, with £0 product fees, one free valuation for properties up to £500,000 and a £250 contribution towards legal costs. Our Flex range is available on a 5 year term, with a 3 year ERC and a product fee of £1,495.
Low and varied Deposits
Supporting your first time buyer customers with their new build purchases, we offer up to 90% LTV, as well as considering Gifted Deposits, Builders deposits up to 5% of the purchase price and Director’s loans for self-employed applicants.
Experience and support
Our new build sales manager, Stacey Wood, and our experienced team, can support you with your new build cases.
Help to Buy Scheme
We allow applications from those looking to use the Help to Buy Government Scheme, in London, England and Wales up to 75% LTV. Including one free valuation for all qualifying properties.
Offer validity
We offer a 6-month offer validity on new build property purchases with a £120 valuation fee. A further 6-month extension can also be considered alongside a £120 re-valuation fee.
Key Worker Mortgages
Our Key Worker Mortgages are for essential skilled workers employed in the public sector who provide vital community services.
The specialist new build sector is growing, and we can help your new build clients that have complex incomes, being self-employed or contractors, those who may have had a credit blip, such as a missed payment or CCJ.
Loan to Value for Residential New Build:
| Product | Max LTV | Max loan |
|---|---|---|
| Residential New Build Flats | 90% | £600,000 |
| Residential New Build Houses |
We can also offer larger loans of up to £2m at lower LTVs. Head on over to our Residential Product page for full product information.
See where your New Build customer fits within our Vida tiers
| Criteria | VIDA 48 | VIDA 36 | VIDA 24 | VIDA 12 | VIDA 6 |
|---|---|---|---|---|---|
| Registered Defaults (months) | 0 in 48 | 0 in 36 | 0 in 24 | 0 in 12 | 0 in 6 |
| Registered CCJs (months) | 0 in 72 | 0 in 36 | 0 in 24 | 0 in 12 | 0 in 6 |
| Value of unsatisfied CCJs | £0 | £0 | £1,000 | £2,500 | £5,000 |
| Missed Mortgage/Secured Payments (months) | 0 in 36 | 0 in 36 | 0 in 12 | 0 in 12 | 0 in 6 |
| Unsecured Arrears | 0 | 1 | 2 | 2 | 3 |
| Unsecured Missed Payments in the last 6 months Combined Value | £0 | £500 | £500 | £500 | £500 |
| Worst Status Secured Payments* (months) | 0 in 36 | 3 in 24 | 3 in 24 | 3 in 24 | 3 in 24 |
Vida 48 Registered Defaults (months) 0 in 48 Registered CCJs (months) 0 in 72 Value of unsatisfied CCJs £0 Missed Mortgage/Secured Payments (months) 0 in 36 Unsecured Arrears 0 Unsecured Missed Payments in the last 6 months Combined Value £0 Worst Status Secured Payments* (months) 0 in 36 VIDA 36 Registered Defaults (months) 0 in 36 Registered CCJs (months) 0 in 36 Value of unsatisfied CCJs £0 Missed Mortgage/Secured Payments (months) 0 in 36 Unsecured Arrears 1 Unsecured Missed Payments in the last 6 months Combined Value £500 Worst Status Secured Payments* (months) 3 in 24 Vida 24 Registered Defaults (months) 0 in 48 Registered CCJs (months) 0 in 72 Value of unsatisfied CCJs £0 Missed Mortgage/Secured Payments (months) 0 in 36 Unsecured Arrears 0 Unsecured Missed Payments in the last 6 months Combined Value £0 Worst Status Secured Payments* (months) 0 in 36 VIDA 12 Registered Defaults (months) 0 in 36 Registered CCJs (months) 0 in 36 Value of unsatisfied CCJs £0 Missed Mortgage/Secured Payments (months) 0 in 36 Unsecured Arrears 1 Unsecured Missed Payments in the last 6 months Combined Value £500 Worst Status Secured Payments* (months) 3 in 24 VIDA 6 Registered Defaults (months) 0 in 36 Registered CCJs (months) 0 in 36 Value of unsatisfied CCJs £0 Missed Mortgage/Secured Payments (months) 0 in 36 Unsecured Arrears 1 Unsecured Missed Payments in the last 6 months Combined Value £500 Worst Status Secured Payments* (months) 3 in 24
*All historic secured arrears must have been paid up to date for at least 6 months prior to application
Debt Management Plan/Debt Arrangement Schemes may be considered at Underwriter discretion - subject to satisfactory affordability and conduct checks.
Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years.
Previous Repossession in last 10 years not acceptable.
At Vida, we want to do everything we can to support you and your clients on their new build journey.
Here’s some of our key New Build criteria:
| New Build | Application criteria |
|---|---|
| Overpayments | Up to 10% in any one year without incurring an ERC |
| Age | 21 years at application and up to 70 years at the end of term |
| Maximum number of applicants | 4 (all incomes considered) |
| Minimum income | One applicant must earn at least £15,000 |
| Minimum loan | £75,000 |
| Maximum loan | £2m up to 75%, £1m up to 85%, £600k to 90%. Interest only max loan £1m |
| Term | 5-40 years |
| Interest only | Available up to 70% LTV |
| FTBs | Accepted on all products across the full range |
| Locations | Mainland England, Scotland and Wales. Postcode restrictions apply in Scotland |
New Build Criteria Overpayments Up to 10% in any one year without incurring an ERC Age 21 years at application and up to 70 years at the end of term Maximum number of applicants 4 (all incomes considered) Minimum income One applicant must earn at least £15,000 Minimum loan £100,000 Maximum loan £1.5m up to 70%, £1m up to 75%, £750k to 80%, £500k to 85%, £400k to 90% Term £1.5m up to 70%, £1m up to 75%, £750k to 80%, £500k to 85%, £400k to 90% Maximum loan 5-40 years Interest only Available up to 70% LTV FTBs Accepted on all products across the full range Locations Mainland England, Scotland and Wales. Postcode restrictions apply in Scotland
Criteria and regional price caps
We will accept applications on the Help to Buy England and Wales shared equity schemes for the purchase of new build properties. For full details on Help to Buy, please download our Help to Buy Guide
New build / Builder sales incentives
Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder to confirm monetary value. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form which can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.
New build houses
Accepted up to scheme limits. New build is defined as a property that has never been occupied and carries a suitable NHBC warranty.
Offer validity
Valuation can be off plan. Initial offer is for 6 months and extendable for a further 6 months on the same product, subject to credit search, affordability and re-valuation (£120).
New build warranties/warranty providers
Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ Build Assure‚ Build Life Plans‚ Build Zone, Castle 10 (Checkmate), Global Home Warranties Limited‚ ICW, LABC‚ NHBC Certificates, Premier Guarantee‚ Protek‚ Q Assure Build Limited‚ Zurich Municipal Policy.
New build apartments/flats
New build apartments and flats are accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty. High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability.
HTB England: Price cap for Help to Buy Homes
Eligible first time buyers can borrow an equity of up to 20% or up to 40% in London, of the purchase cost of a new build home. Customers will need to provide a minimum 5% deposit from their own resources.
HTB Wales
For both FTB and Homemovers purchasing a new build property
Maximum property valuation £250,000
With new build purchases, time is of the essence. We understand that every mortgage lender has its own processes and individual requirements, and we can understand it can be very confusing, and at times, frustrating. But, the more we can see at the start of the application, the better it is for you as we will be able to provide a quicker lending decision.
Join our exclusive New Build Panel
If you're interested in learning more about our exclusive New Build Panel, please get in touch with our New Build expert, Stacey Wood, who will be more than happy to help.
stacey.wood@vidahomeloans.co.uk
Read Stacey's latest New Build article
Landlords Adapt To New Builds - read more...
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