New Build

Our New Build loan to values (LTVs) differ to our standard LTVs.

Where your New Build application applies to a scheme, please refer to our Housing schemes page for specific LTVs. 

Please ensure you check the product finder for the current rates.

Standard purchase cases (including Shared Ownership)

• Builder deposits, cashback and any other financial incentives (including vouchers) listed in Section 7 of the UK Finance Disclosure Form (opens in a new window) are acceptable. This is up to a maximum total value of 5% of the purchase price or valuation. We'll decline the case if the total value is more than 5%. The value of incentives will need to be reduced to 5% or lower.

Equity loan cases (Including Help to Buy), First Homes and Restricted Resale Price

• We won't accept Builder deposits and cashback on New Build equity loan, First Homes cases and Restricted Resale Price properties.
• Any other financial incentives (including vouchers) listed in Section 7 of the UK Finance Disclosure Form (opens in a new window) are acceptable. This is up to a maximum total value of 5% of the purchase price or valuation. We'll decline the case if the purchase price or valuation* is more than 5%. The value of incentives will need to be reduced to 5% or lower. We base our lending on whichever is lower, the net purchase price or net value.
• Your client must provide a minimum 5% deposit from their own resources. This can include gifted deposits.

Builder non-financial incentives

• We'll accept builder non-financial incentives on all New Build applications. These may include kitchen upgrades, fitted appliances, home fittings/furnishings, flooring, garden landscaping. This is in addition to financial incentives.

Vendor cashback

• Cashback on properties that have recently been (or are in the process of being) upgraded or converted into flats by a developer, we'll treat as Vendor Cashback. Except if they're developing several properties on several sites at the same time.
• We deduct the value of the Vendor Cashback from the purchase price or valuation, which gives the net purchase price. We base our lending on whichever is lower, the net purchase price or net value.

Deposit Unlock

We no longer accept Deposit Unlock applications. This section is for information purposes only.

• Builder deposits, cashback and any other financial incentives (including vouchers) listed in Section 7 of the UK Finance Disclosure Form (opens in a new window) are acceptable, up to a maximum total value of 5% of the purchase price or valuation*. If the total value is more than 5% of the purchase price or valuation, we'll decline the case. The value of incentives will need to be reduced to 5% or lower. We base our lending on whichever is lower, the net purchase price or net value.
• Your client must provide a minimum 5% deposit from their own resources. This can include gifted deposits.
• To protect homebuyers under Deposit Unlock, valuers will limit ‘unsustainable’ elements of the New Build premium and financial incentives to a maximum of 5%. Improved design, performance and efficiency will to be reflected in value as will non-financial incentives. See our New Build valuation page for more information.

• Minimum acceptable lease term (doesn’t apply to Shared Ownership):
• 125 years for flats
• 250 years for houses

• As per the Leasehold Reform Act 2022 the following lease terms are unacceptable:
• any lease which is subject to a ground rent (or annual rent) charge which is more than on a peppercorn basis
• any lease which is subject to a ground rent (or annual rent) review and altered on any review basis or methodology.

This applies to any lease transferred for the first time or extended from July 2022. If your client has a head lease or underlease before this date, but transferred it for the first time after this date, the lease will be required to conform to the Act. The applicants' solicitor will need to confirm that the lease meets these requirements.

• Estate Rent Charges, or Estate Management Charges, can apply to freehold or leasehold properties.
• Charges must be reasonable at all times. Where charges are greater than £500 per annum, you'll need to advise us what the charges cover. This is so the valuer can assess any impact to the valuation.

You can submit New Build applications via NFI Online (opens in a new window).

Help to buy application

When submitting a Help to Buy application, you'll need to key the case as an Equity Share Loan.

Download our Equity Share Loan keying guide for more help. You must include a UK Finance Disclosure Form (opens in a new window) in the application.

Offers are valid for 180 days, although for New Build we’ll consider extending this by 45 days. This is subject to eligibility.

You can use our online form (opens in a new window) to request an extension if your clients mortgage offer expires in 30 days or less.

You should only contact us if the original offer is within 30 days of expiry. To help us process your request, please submit no later than 15 days before the offer is due to expire.

You'll need to confirm that there have been no material changes to the application. This includes, but not limited to:

• reduction in hours
• loss of job
• change in employment
• new loans
• credit cards.

Where you have declared material changes to income, we'll require up to date proofs and the case will be re-assessed. If we require proofs, we'll add a case requirement when we receive an extension request.

For non-simultaneous porting cases

If we agree to the offer extension, we'll extend the 180 day non-simultaneous port period to the new offer expiry date.

If you know your client will be unable to complete within the extended offer period, please complete a new application. No further extensions will be available.

Please note: you can't apply for an extension when the offer has expired. You’ll be unable to make any material changes to the application once an offer has been extended.

Please contact your BDM if you have a client who is in the last month of their 180 day non-simultaneous port period without an offer in place. For example where they have not found a new property yet.

Your client will receive an automated text message to confirm the offer is due to expire. This may happen even where the offer has been extended. The email you receive confirming the offer extension will supersede this. You may want to make your client aware to ignore this text message where an extension has been applied for and granted.

You can escalate a New Build case if:

• All documentation requested has been uploaded to the application and
• We've had the application for 14 working days or more and/or
• Imminent exchange/completion is due (i.e. within the next 5 days)

When you need to escalate a case, call 0345 607 22 45.