Hi Alex, My Son is buying a house from Bellway.He reserved his plot at an early bird stage.His plot was released end of August.He has secured his mortgage,paid his deposit signed his contract which was exchanged last week.The thing we don’t get is that his Solicitor has said he needs to start paying for his buildings insurance although his house is little past the base stage and won’t be completed until at least April of 2023. Wondering if this is the norm.When asking his Solicitor he was told it is since he now owns the land up to the boundaries of his plot and it needs insuring.Surely any problems which arise will be the liability of Bellway until he moves in.
Hi Olga, I have a video like this planned for my Instagram page. Please do follow, it will be out in the next 2 or 3 weeks! instagram.com/alexkerrmortgage/
Me and my husband are viewing new builds at the moment, just to get a few for the type of house we'd like, but we are still at the very early stages of house searching and have yet to investigate our buying options and mortgage affordability.
HI TheRoxStarlet , sounds exciting! Its always a good idea to do the bit first, so you have a clear picture on what purchase price is within your price bracket. If you would like some tips or to look at this in more detail, feel free to ask! Alex
We're viewing a Newbuild with Persimmon Homes and have an appointment to reserve a plot on 16th December, when the new HTB scheme opens. I've had to secure a DIP in order to reserve the plot, but I'm not sure when to go ahead with the actual application, as the est build date is around August. The lender offers a 6 month offer extension, but if it goes past Dec next year, I'm thinking I will maybe have to re apply from scratch.
When should you have your deposit ready? If you've seen a build that will take ~6 months from now, do I reserve now knowing that in ~4/5 months time I will have a deposit ready or should it be when I reserve?
pretty sure you pay your deposit when you exchange contracts and you exchange contracts months before completion often they want you to exchange within 1 month of reserving and that means you could be paying the deposit 7 months before
We are wanting to buy a Bellway home but the sales team have said they won’t be ready until December time, any idea of the time frame when we can expect to reserve a plot and what will we pay at this stagev
Hi Conor, the main thing to factor in, is that the mortgage offer will last 6 months in most cases. So ideally you do not want the mortgage offer to expire, so I would say around September. But when new builds are available to reserve, you find this process normally happens very quickly, so I would certainly touch base with them to find out and make sure you are on the list!
Hi Alex, how soon before applying for a mortgage should you attempt not to take out any more credit? For example, let's say you took out a loan (regardless of how much it was) and perhaps a credit card a few weeks before you put in a mortgage application. How much would this harm/hinder your mortgage application? Is it possible that they could refuse you altogether on the basis that you have too many commitments and they wouldn't want to offer you another based on this? Or is it so long as you don't have any CCJ's, defaults or missed payments you will still get accepted regardless of credit you owe?
HI A A, on my first time buyer mistakes video I mention a common mistake is to take out credit just before a mortgage application... Credit files can take a few months to update in some cases and it can hinder the mortgage during the application... for example if you obtained a mortgage, and the lender's system had not yet updated your recent loan, and they rescored you during the application (which can happen) and then the loan was discovered, it could reduce the mortgage amount you could borrow... That's one of a few adverse effects this can have... My advice is not to take any out at all 2/3 months before an application or during an application. Hope this helps, Alex
My daughter has just taken possession of a Cherry Bellway new build in Swinton. There are over 100 snags some very obvious others not so much. To say she is disappointed is an understatement. The finish inside is just awful. Wonky kitchen cupboard doors, chipped worktop, uneven plaster on the walls, paint all over the front door and fence. Big lumps of cement on the grass. Uneven driveway, which was taken up and redone but still not good. I could go on. Bellway state they are a Five Star builder..not so. Someone has been to the property to sort out the snags but they are worse. One of the doors was catching on the carpet but they have shaved too much off and you can now get your hand underneath the door. She is so upset and might I add this property was £275,000 which included extras. What do you suggest? Thank you for your help with this.
Sorry for the late response on this, I missed this initially. The developer should always come back around six months after two saw any snags out. If not just get in touch with them and let them know of the issues. That should be the case with all new builds.
Great content Alex, short, consise and packed with information! I wondering whether you would recommend buying a new build or not as a first time buyer?
Hi Ashleigh, thanks for your nice words! Well... I am currently buying one lol so hopefully that answers your question! Hopefully it will go through, if it does I will make a video on it. Alex.
Hi and thanks for watching! I think its to give people a choice as not everyone will want a certain colour or style. Maybe they want astro turf in the garden etc and it gives this option. However a lot of developers will likely do it as an extra or sometimes as part of a deal. Part of why I was keen to work with Bellway Homes as part of this video was because they included the turf and a choice of carpets on their New Builds as standard which is thought was great.
Yes, we are currently negotiating but Bellway are expecting £27,000 (including £7k from our buyer) within 6 weeks during the covid pandemic. This just doesn’t sit well. What is your advice around this? Surely a significantly smaller amount could be considered? Say £10-15k? It’s all good and well being told “oh, our MD is really inflexible” - no one was looking to buy the second to last property on the development. Please provide an opinion?
6 weeks is normal with build builds... and new builds sometimes need a higher deposit. If it’s second to last you “might” get some type of incentive, but if a developer is confident it’s going to sell, you may not. It’s worth trying. Have you thought of help to buy to help with deposit ? Good luck!
@@alexkerrmortgage help to buy isn’t required. Our sale will go through very closely with the timeline asked. I don’t see why waiting a week (worst case two weeks) would be an issue? My house has SOLD!
@@Matticus87 they are normally Quite flexible with times, when you get to that point, however developers have tight timescales to deliver certain elements of the different stages in builds.
@@alexkerrmortgage fair enough. We’ve got to valuation and through to the latter stages before offer with weeks to spare. We’ve conducted ourselves perfectly. I would like to think that’ll stand us in good stead.
When brexit kicks in and furlough etc stops, we may see a dip in house prices.. but maybe a bee scheme will come in. Very difficult to predict at the mo!
Hi Alex,
My Son is buying a house from Bellway.He reserved his plot at an early bird stage.His plot was released end of August.He has secured his mortgage,paid his deposit signed his contract which was exchanged last week.The thing we don’t get is that his Solicitor has said he needs to start paying for his buildings insurance although his house is little past the base stage and won’t be completed until at least April of 2023. Wondering if this is the norm.When asking his Solicitor he was told it is since he now owns the land up to the boundaries of his plot and it needs insuring.Surely any problems which arise will be the liability of Bellway until he moves in.
Can you please give some tips on price negotiation for new builds ? Thank you !
Hi Olga, I have a video like this planned for my Instagram page. Please do follow, it will be out in the next 2 or 3 weeks!
instagram.com/alexkerrmortgage/
Me and my husband are viewing new builds at the moment, just to get a few for the type of house we'd like, but we are still at the very early stages of house searching and have yet to investigate our buying options and mortgage affordability.
HI
TheRoxStarlet , sounds exciting! Its always a good idea to do the bit first, so you have a clear picture on what purchase price is within your price bracket. If you would like some tips or to look at this in more detail, feel free to ask! Alex
We're viewing a Newbuild with Persimmon Homes and have an appointment to reserve a plot on 16th December, when the new HTB scheme opens. I've had to secure a DIP in order to reserve the plot, but I'm not sure when to go ahead with the actual application, as the est build date is around August. The lender offers a 6 month offer extension, but if it goes past Dec next year, I'm thinking I will maybe have to re apply from scratch.
Good luck David, the lender may extend the offer but best if you can time it so it tallies up with the first mortgage offer.
When should you have your deposit ready?
If you've seen a build that will take ~6 months from now, do I reserve now knowing that in ~4/5 months time I will have a deposit ready or should it be when I reserve?
pretty sure you pay your deposit when you exchange contracts and you exchange contracts months before completion often they want you to exchange within 1 month of reserving and that means you could be paying the deposit 7 months before
Echoing what @neojng said. You essentially need to have your deposit ready when you reserve
The lender will want to see evidence of the deposit during the application, which will come before the event of handing your deposit to the solicitor.
We are wanting to buy a Bellway home but the sales team have said they won’t be ready until December time, any idea of the time frame when we can expect to reserve a plot and what will we pay at this stagev
Hi Conor, the main thing to factor in, is that the mortgage offer will last 6 months in most cases. So ideally you do not want the mortgage offer to expire, so I would say around September. But when new builds are available to reserve, you find this process normally happens very quickly, so I would certainly touch base with them to find out and make sure you are on the list!
Hi Alex, how soon before applying for a mortgage should you attempt not to take out any more credit? For example, let's say you took out a loan (regardless of how much it was) and perhaps a credit card a few weeks before you put in a mortgage application. How much would this harm/hinder your mortgage application? Is it possible that they could refuse you altogether on the basis that you have too many commitments and they wouldn't want to offer you another based on this? Or is it so long as you don't have any CCJ's, defaults or missed payments you will still get accepted regardless of credit you owe?
HI A A, on my first time buyer mistakes video I mention a common mistake is to take out credit just before a mortgage application... Credit files can take a few months to update in some cases and it can hinder the mortgage during the application... for example if you obtained a mortgage, and the lender's system had not yet updated your recent loan, and they rescored you during the application (which can happen) and then the loan was discovered, it could reduce the mortgage amount you could borrow... That's one of a few adverse effects this can have... My advice is not to take any out at all 2/3 months before an application or during an application. Hope this helps, Alex
My daughter has just taken possession of a Cherry Bellway new build in Swinton. There are over 100 snags some very obvious others not so much. To say she is disappointed is an understatement. The finish inside is just awful. Wonky kitchen cupboard doors, chipped worktop, uneven plaster on the walls, paint all over the front door and fence. Big lumps of cement on the grass. Uneven driveway, which was taken up and redone but still not good. I could go on. Bellway state they are a Five Star builder..not so.
Someone has been to the property to sort out the snags but they are worse. One of the doors was catching on the carpet but they have shaved too much off and you can now get your hand underneath the door. She is so upset and might I add this property was £275,000 which included extras. What do you suggest? Thank you for your help with this.
Sorry for the late response on this, I missed this initially. The developer should always come back around six months after two saw any snags out. If not just get in touch with them and let them know of the issues. That should be the case with all new builds.
Great content Alex, short, consise and packed with information! I wondering whether you would recommend buying a new build or not as a first time buyer?
Hi Ashleigh, thanks for your nice words! Well... I am currently buying one lol so hopefully that answers your question! Hopefully it will go through, if it does I will make a video on it. Alex.
Finally, a use for my iPhone compass!
Do you know why they don’t provide carpets or turf? Is it purely to save on costs?
Hi and thanks for watching! I think its to give people a choice as not everyone will want a certain colour or style. Maybe they want astro turf in the garden etc and it gives this option. However a lot of developers will likely do it as an extra or sometimes as part of a deal.
Part of why I was keen to work with Bellway Homes as part of this video was because they included the turf and a choice of carpets on their New Builds as standard which is thought was great.
Yes, we are currently negotiating but Bellway are expecting £27,000 (including £7k from our buyer) within 6 weeks during the covid pandemic. This just doesn’t sit well. What is your advice around this? Surely a significantly smaller amount could be considered? Say £10-15k? It’s all good and well being told “oh, our MD is really inflexible” - no one was looking to buy the second to last property on the development. Please provide an opinion?
6 weeks is normal with build builds... and new builds sometimes need a higher deposit. If it’s second to last you “might” get some type of incentive, but if a developer is confident it’s going to sell, you may not. It’s worth trying. Have you thought of help to buy to help with deposit ? Good luck!
@@alexkerrmortgage help to buy isn’t required. Our sale will go through very closely with the timeline asked. I don’t see why waiting a week (worst case two weeks) would be an issue? My house has SOLD!
@@Matticus87 they are normally
Quite flexible with times, when you get to that point, however developers have tight timescales to deliver certain elements of the different stages in builds.
@@alexkerrmortgage fair enough. We’ve got to valuation and through to the latter stages before offer with weeks to spare. We’ve conducted ourselves perfectly. I would like to think that’ll stand us in good stead.
@@Matticus87 good luck Matt, I have a feeling you will be good! 🏡
It is a pleasure to watch all your videos. Do you think that Brexit will influence the prices of the properties?
When brexit kicks in and furlough etc stops, we may see a dip in house prices.. but maybe a bee scheme will come in. Very difficult to predict at the mo!
Go regular, keep a close eye on the build. I bought phase 2. Had 48 snags ! Then expect 2 years of repairs from hellway homes :-)
Can you help me self employed
I would like to buy a house but do not know what to do ?
Would love to. Email me on alex@mortgagechain.co.uk