New Build
New build
At a glance
We’ve got a variety of new build offers for customers with smaller deposits, giving you and your clients more choice when it comes to finding a mortgage for a new build property.
- We offer a specific range of fixed rate mortgages for new build customers that have LTVs of 90% & 95% for houses, and 75% LTV for flats (Subject to availability).
- We’ve increased how long an offer is valid for on new build mortgages to 9 months from the date of the original offer.
- In addition to client’s providing a minimum 5% deposit, we’ll accept up to 5% builders’ incentive to increase the size of their deposit.
Other benefits we offer
Here are some more ways we can help your clients looking for a new build property:
- Mortgage term of up to 40 years.
- Professional occupations are permitted if less than 12 months’ continuous employment or less than three months with current employer.
- We’ll consider clients on fixed term contracts as well as temporary employment and zero hours.
- We’ll consider foster and maintenance income.
- Tier 2 visas have a maximum 75% LTV with 3 years UK residency.
- For clients with pre-settled status we’ll offer a max of 75% LTV, and 95% LTV for settled status with three years UK residency.
- We accept a range of warranties and insurance on new build properties, check our lending policy for more information.
But don’t just take our word for it…
"After having picked up these applicants who had been told 'no' by multiple lenders, West Brom's improved offering on New Builds really did come and save the day.
The applicants needed an affordability stretch at 95% LTV on a new build property, it's safe to say the odds were stacked against us from the outset but we managed
to achieve just that with West Brom as they were offering over £50,000 more in borrowing than the big high street names and allowing us to proceed at 5% deposit on a new build!
To top off their fantastic flexibility, they really delivered on the service too by turning the application around with a full offer within 5 days.
Monumental outcome for the clients and safe to say, they'll be clients for life thanks to West Brom."
Mortgage Expert - Norwich
"I used West Brom for a 90% LTV New Build case, which also had some quirky criteria included. Initially, another bank was not willing to accept the income,
but West Brom took a common sense approach and offered the case! I have since used West Brom for multiple 90% LTV New Build cases,
and now even up to 95% LTV which is really handy for our customers with smaller deposits."
New Build Mortgage & Protection Adviser - Ipswich