There are various properties for you to choose from. We'll value the property before deciding if we can lend to you.
If you are building a new house, some schemes will offer you the money in stages. This means you’ll get some of the money as work on the house progresses. We’ll visit the property and check the progress, based on the agreed terms.
When the property is finished and you’re living in it, you can then apply for a mortgage with us. You will need to be eligible and choose a mortgage that’s available at the time.
Buy to let mortgages
A buy to let mortgage is a loan to buy a property that you will rent out to tenants. The most you can borrow is linked to the amount of rental income we think you could earn. Investing in buy to let property is a risk. You should be an experienced house buyer and know about investment properties.
These mortgages aren't available to first time buyers or anyone under the age of 25. At least one person applying for the mortgage must currently own a property in the UK.
Shared ownership is usually offered by registered social landlords or local authorities. With this type of mortgage, you buy a share of a property – say half – and pay less rent for the other share. The share you first buy may be as little as 25%. But you can buy more shares until you own the entire property.
Usually you own 100% of the property and so there is no rent to pay like under a shared ownership scheme. The shared equity part relates to the fact you’re taking out an equity loan which counts towards your deposit.
The advantage is that you often only need to raise a 5% deposit yourself, with the equity loan making up the rest of the deposit. But if property prices rise over the next few years, the size of your loan will increase too. This means that in the long-term you may end up having to pay more under a shared equity scheme, than if you were just to save up a bigger deposit and get a standard mortgage.
The government offer an equity loan scheme and some property developers also offer their own shared equity schemes, as it helps them sell the homes they have built.
New-build or converted properties
To get a mortgage on a property that's been built or converted in the last ten years, it should be part of a building standards scheme. This tells us that the building was completed to good standard, by a qualified professional. Ask your estate agent if this applies to the property you’re interested in.