New Build Specialists

Evolve Financial Solutions are specialist new build mortgage brokers, helping customers buy their dream homes with a large number of national and regional new build developers.

For customers buying a new build home we offer fee free advice on mortgages and insurance. You will also get free Evolve Lifetime membership which means a fee free service for any future purchases or remortgage advice.

Help to Buy

Help to Buy Equity Loan is a government scheme designed to help people with limited deposits to buy their first house or to move home.

A minimum 5% deposit is required which can be from savings, equity from the sale of a property or a family gift. The government will then lend up to 20% of the value of the property interest free for the first 5 years - up to a maximum purchase price of £600,000. As a result you would be borrowing less from a mortgage lender and also benefit from better interest rates due the size of the overall deposit.

Our advisers are able to assess your eligibilty for the scheme and confirm what price property you will be able purchase. We work very closely with the Help to Buy agencies, so we are experts at helping customers through the application process.

Different limits may apply to the scheme in London,Scotland and Wales - Please contact us for details.

As well as helping you with your purchase, we help with remortgaging when your rate expires and also when you are ready to repay the govenrment Help to Buy loan providing advice and support during this process.

 

 

Shared Ownership

Shared Ownership schemes allow you to purchase a share of a property. This can be from as low as 25% up to 75% of the property value. You will pay rent on the remaining share not purchased, but will have the option in most cases to purchase a further share in the property (known as staircasing).

The minimum deposit is 5% of the share that you are purchasing which can be from savings, equity from the sale of your property or a family gift.

There is no maximum purchase price but it is subject to your individual affordability which we are experts in assessing.

We work very closely with a large number of Shared Ownership providers, so we are experts at helping customers through the application process.

 

Discounted Market Scheme

Discounted Market Value Schemes are another available option for developers to build affordable homes for local people.

Typically these properties are sold at 80% of the open market value and a minimum 5% deposit is required based on the 80% price.

Unlike a shared ownership scheme, there is no rent to pay on the remaining interest held by the Council or Housing Association

You can generally only purchase a property under the DMS scheme if the property is in the area that you either live or work in and your household income must be below the limit stated.

 

 

Documents For Your Application

Usually when you are buying a new build property you will have a period of 28 days to exchange contracts. You will need to have in place a valid mortgage offer, your deposit funds available and, if applicable, approval of your Help to Buy application.

As we are specialist in new build applications we can help you achieve this timescale. The following documents will usually be required for your application and early provision of these will be essential to meeting any deadlines given by the developer:

  • Identification - e.g passport
  • Proof of Address e.g council tax bill
  • Latest 3 months payslips (Employed person)
  • Latest P60 (Employed person)
  • Latest 3 years tax assessments (self employed or limited company director)
  • Latest 3 years Tax Year Overview (self employed or limited company director)
  • 3 months bank statements (showing salary credits and regular bills and expeniture)
  • Evidence of deposit funds (Bank statement, Gift letter)
  • Completed Property Information Form (Help to Buy Equity Loan only - we will provide this form)

Additional documents may be required depending on your circumstances and the recommended lender. If you are unable to obtain any of the documents please contact us to speak to your adviser.