Over the last decade, the number of new-build properties in the UK has increased significantly. New builds feature many selling points, from modern designs and five-star amenities to new appliances and lower maintenance costs. In fact, tenants often seek out newer buildings, and this has seen a rise in the number of investors considering new-build buy-to-let properties.
And while new builds are just that – brand-sparkling new – they are often seen as ‘higher risk’ by lenders, which means your choice of mortgage provider is somewhat limited.
Here at Molo, we understand the challenges clients face when investing in new-build properties and have come up with a set of criteria that makes it a little bit easier to invest.
Molo’s main new build criteria include:
- We accept both UK and Non-UK nationals
- First-time buyer and first-time landlords accepted
- Maximum LTV 75%
- Up to 5% developer incentive allowed
- No maximum size on a block of flats
- Contract reassignment cases considered
- Off-plan purchase accepted with reinspection
- Buy-to-let investor-led sites considered
- Flats with cladding acceptable with the correct certification
- Residency: applicant must be able to confirm UK residency in the last 3 months
For more details on our criteria, visit our broker page, or you can register with us here.
As always, if you have any questions don’t hesitate to get in touch with us by email at brokersupport@molofinance.com