New Build hub

New build mortgage solutions


What is our definition of a New Build?

Any property built, first occupied in its current state or significantly modernised, refurbished or altered within the last two years.

The valuer will decide whether a building meets this definition at the point of valuation.

Lending limits

Maximum LTVs are based on net purchase price or valuation, whichever is the lower.

How can we help you?

Our dedicated New Build team will help things go smoothly:

  • an experienced underwriting team who’ll proactively contact you if they need more information on any of your cases.

  • a dedicated support team who’ll track applications to completion, liaise with valuers, work to solve issues, assist with valuation questions and more.

  • speed-to-offer committed, working to 28-day exchange deadlines and in some circumstances 7 working days. 

Offer extensions

Up to 6 Month extension:

  • An extension can be requested on two occasions for a maximum period of three months each. The first extension should be requested within 30 days of the initial 6 month offer period expiring and then again 30 days before the first extension expires.

  • If both extensions are granted, customers could have a total offer period of up to 12 months.

  • Offer Extensions will be subject to confirmation of a successful credit search (no additional footprint will be made) and a free refreshed property valuation.

  • New Build Offer Extension Form

The original product will still be valid or can be updated to one in our current range.

Structural warranties

Structural warranties issued retrospectively can’t be accepted.

We’ll only lend on new builds and renovations where one of the following structural warranties are in place and have 10 years or more on the warranty:

* Premier Guarantee Warranties for flats will be referred to us by the acting solicitor – check the amount of cover at least equals the reinstatement figure on the valuation report.

Exposure limits on individual developments

Exposure limits will vary according to each individual development (including those that involve the conversion of usage from office to residential). This doesn’t apply to single properties that have been converted into flats.

Limits will vary according to each development and must not exceed: 

  • 25% – Scotland, England and Wales

  • 20% – Northern Ireland

These will be set and monitored by our Valuation Panel Manager.

Find out about our current exposure levels and how many units are left on any site under development by calling our Business Development Advisors or use LiveTALK.

Help from Builders

Builders' Incentives

We accept builders’ financial incentives on new build properties up to 15% of a property’s purchase price.

The purchase price won’t be adjusted for incentives unless the total amount of incentives is more than 5% of the price, in which case they’ll be deducted and lending will be based on the reduced purchase price (unless the property valuation is lower). For example:

Property costs

Please key any of the below costs as a Financial Commitment on the Full Mortgage Application.

Next steps

Log in to start your customer's application process.

We have a range of products and rates to suit your client needs.

If you'd like further guidance on our other policies, please visit our lending criteria page.