Buying a New Build in Scotland
Buying a New Build Home in Scotland
New builds come with warranties, modern energy ratings and the chance to pick your finish. They also come with reservation fees, build delays and stricter lender rules. Here is everything to know before you reserve.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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Before You Reserve
New Builds Work Differently
Lenders, timescales and costs are not quite the same as buying an existing home.
- ✓Warranty: most new homes come with a 10 year structural warranty
- ✓Lender limits: some lenders lend less on new build flats
- ✓Offer expiry: mortgage offers can run out if the build is delayed
- ✓Incentives: developer deals must be declared to your lender
How We Help
How to Buy a New Build
Five steps from show home to keys.
Get Your Mortgage in Principle
Before you pay a reservation fee, check what you can borrow.
Reserve the Plot
You usually pay a reservation fee and get a set time to exchange.
Apply Early
New build timescales are tight. We submit as soon as you reserve.
Wait for Build Completion
Keep in touch with the developer on dates. Offers can be extended in some cases.
Snag and Move In
Check for snags and report them under your warranty.
Things to Watch
New Build Pros and Cons
Worth weighing up before you commit.
Common Questions
New Build Questions, Answered
The things buyers ask us most.
Can I get a 95% mortgage on a new build?
Often on houses. New build flats can be more limited, with some lenders wanting 10% to 15%.
How long does a mortgage offer last on a new build?
Usually around six months. Some lenders allow extensions for new builds.
What warranty do new builds come with?
Most come with a 10 year warranty from providers such as NHBC, Premier or LABC.
Do I pay LBTT on a new build?
Yes, the same rates as any other home, with first time buyer relief if you qualify.
Is Help to Buy still available in Scotland?
No, Help to Buy Scotland has closed. New Supply Shared Equity may be available on some developments.
Are developer incentives a problem?
No, but they must be disclosed to your lender and can affect the valuation.
Related guides
- New build vs existing homes
- LBTT calculator Scotland
- LIFT shared equity scheme
- Buying with a 5% deposit
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Looking at a New Build?
Fill in the form and we will be in touch within one working day. We will check your options before you pay a reservation fee.