First-Time Buyer New Build Mortgage

What are the requirements for getting a mortgage on a new build as a first-time buyer?

As a first-time buyer on a new build, you usually need a larger deposit than for older homes. It’s typically 10% to 15% for houses, and 15% to 20% for flats.

Lenders also require proof of income via payslips, tax returns or pension statements, plus a credit check. If it’s a flat, they may also ask for details like lease length or service charges.

How much deposit do I need for a mortgage on a new build property? Are there any differences for first-time buyers?

For new builds, lenders usually ask for a bigger deposit than on older homes. It’s typically 10% to 15% for houses and 15% to 20% for flats.

First-time buyers face the same rules as anyone else, but government schemes like Deposit Unlock or the mortgage guarantee scheme can reduce the deposit to around 5% in some cases.

Can I use government schemes to get a mortgage on a new build?

Yes, several government schemes can be used on new builds. Options include First Homes, shared ownership, Deposit Unlock and the mortgage guarantee scheme.

These can help reduce the deposit or overall cost, although availability depends on the developer and the lender [information correct at the time of recording in December 2025].

What types of new build properties can I get a mortgage for as a first-time buyer?

As a first-time buyer, you can usually get a mortgage for new build houses or flats. Lenders will look more closely at flats, checking things like lease length, ground rent and service charges, while houses may come with estate management fees.

The main difference is deposit size, typically 10% to 15% for houses and 15% to 20% for flats.

What should I consider when choosing a new build mortgage adviser?

Look for an adviser with experience in new build mortgages, as they will understand the lender requirements and developer times.

Make sure they’re able to compare multiple lenders. Check they are familiar with the government schemes for first-time buyers and will be proactive about managing offer extensions if your property is bought off-plan.

Are there any special mortgage considerations or terms and conditions for a first-time buyer on a new build property? What are the benefits and drawbacks of new builds?

For new builds, first-time buyers should expect higher deposit requirements of 10% to 20%. There may be checks on things like lease length, ground rent and service charges for flats.
Be mindful that your mortgage offer may need an extension if you’re buying off-plan.

The benefits of new builds include modern design, energy efficiency, lower maintenance and access to government schemes.

Drawbacks can be high deposits, the potential for property values to dip after the purchase, and extra fees such as estate and service charges.

How long does the mortgage application process for a new build property typically take? Are there any differences here for first-time buyers?

The mortgage application process for a new build usually takes four to eight weeks, which is similar to other properties.

As a first-time buyer, the steps and timing are the same, but if you’re buying off-plan you may need a longer mortgage offer of nine to 12 months, to cover building delays.