What is classed as a new build Halifax?

New-build or converted properties A new property or a property that has been built or converted within the last ten years should be part of a Building Standards indemnity scheme. This gives a ten-year warranty against material defects.

Is it hard to get a mortgage with Halifax?

How strict are Halifax as a mortgage lender? All high street mortgage lenders are strict in the sense that they’re likely to reject an application that falls outside of their lending criteria. That said, Halifax are known to cater for first-time buyers, low-income customers and even people with certain credit issues.

How does a self build mortgage work UK?

Self build mortgages allow you to borrow money to first buy the land you want to build on, then, money is released in stages so you can pay for the build as it progresses rather than as a single lump sum amount at the start.

Is it easier to get mortgage on new build?

Mortgage lender criteria is stricter for new-builds You may find that you’re charged a higher interest rate for a mortgage on a new-build property. This is because lenders see these mortgages as riskier, due to the possibility that the value of the property may fall in its early years.

Can I get a 90% mortgage on a new build?

There are few lenders who offer 90% LTV mortgages on new builds than on existing properties. New builds are often more expensive as lenders see them as a bigger risk to lend against. This is because they do not have a history. Around 20 lenders currently offer 90% LTV mortgage products on new build houses.

Which credit agency does Halifax use?

TransUnion
The agencies used by Halifax include TransUnion, Experian and Equifax.

Do Halifax look at bank statements for mortgage?

For example, mainstream mortgage lenders Halifax and Santander have recently confirmed that they do not ask to see bank statements as part of standard mortgage applications. But they have a number of other tools to assess a customer’s creditworthiness and financial history.

What is required for self build mortgage?

As a general rule, you will need to put down a deposit of at least 25% of the total project value, though you may be asked to stump up as much as 50%. Remember that on top of this deposit, you will need to pay for alternative accommodation while your new property is being built.

How much of a deposit do you need for a self build?

How much deposit do I need for a self-build mortgage? The amount varies depending on the lender. As a general rule, you should ideally have a deposit of at least 25% of the total project value. However, there are some lenders that say they will lend up to 95% of the land and build costs.