What's new in new build?

Around 200,000 new homes are built in the UK each year and account for 1 in 10 of all property sales. Some new build homes are sold off plan which can extend the time from offer to completion, increasing uncertainty for you and your clients. We want to help, so from Tuesday 6 May we're making big new build improvements.

New build offers valid for 9 months
Our new build offers are valid for 9 months for clients who take one of our new build property only products. This allows for delays and gives your clients the security of a longer offer. It should also give you the same comfort as it’s unlikely you’ll need to revisit your advice or choose a new rate for your client after 6 months. 

Exceptions apply to clients porting with no top up product or staying on SVR. In these cases, your client's offer will be valid for 9 months if they're buying a new build home.

If coming up to 9 months and your client thinks their new home won’t be ready, you can still ask us to extend the offer by up to 3 months using the normal process. 

New range of new build products
We expanded our range of new build products to include 2, 3 and 5 year fixed rates, plus tracker options. All new build products have codes starting with Q and come with a 9 month completion deadline and offer validity. This gives you and your clients more choice when buying a new build home.

Our New Build Desk
Our New Build team are on hand to help with your new build cases. Please get in touch with Claire or Steve if you’ve got any questions.

Further support
We’ve updated our residential lending criteria, the New build page and other guides on our website to reflect these changes.