Mortgages, (new guarantee in particular)

[Mikesx13]

I looked at new builds but you loose 15-20% instantly*. Houses are expensive where we are, I got pretty lucky to find a very decent place locally and didn't have to move to the flood plains of Gloucester or Tewkesbury.

*I'm assuming that the land registry prices on rightmove are accurate for new builds and include any discount the buyers have negotiated.

Interesting, had never considered that new builds would depreciate! Good to know.

[Kieran_E1]

I was thinking of new build.

For the fact of 5 year guarantee.

I wouldn't like any dreaded payouts on something with in the first few years of committing myself to a mortgage.



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most new builds get a 10 year nhbc warranty

[clive]

most new builds get a 10 year nhbc warranty

Nhbc being what buddy?


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[warby]

NHBC is basically like a warranty for a house. Makes sure it's built to a certain (high ish) standard.

[frisbee]

I was thinking of new build.

For the fact of 5 year guarantee.

I wouldn't like any dreaded payouts on something with in the first few years of committing myself to a mortgage.



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Its not a 100% guarantee, if your boiler explodes after a few years it won't cover that. But it covers the basic fabric of the house for 10 years.

You can always get a more detailed survey on an old house.

I intentionally looked for houses that were less than 3 years old.

[zeppelin101]

Having rented in a new build (less than 6 months old) I'm not sure I'd like to repeat the experience. The workmanship was appalling. Having the upstairs showers leaking through the light fitting in my own bathroom on the middle floor was a particular highlight before worrying about the rest of the electrical nightmare that existed...

Personally I'm avoiding the whole government loan thing. It's only interest free for a fixed period then the interest rate does rather alarming things after that. May as well just save up a little longer.

I briefly looked into shared ownership and potentially staircasing up to full ownership over a short period time but it looks like a minefield. The only benefit appears to be that you may get a relatively nice property for a fairly reasonable amount even taking the rental free on top into account. Can't imagine they are that easy to sell on though while still in shared ownership.

[Gymbob]

Its not a 100% guarantee, if your boiler explodes after a few years it won't cover that. But it covers the basic fabric of the house for 10 years.

You can always get a more detailed survey on an old house.

I intentionally looked for houses that were less than 3 years old.

Depends, most places now offer 5 years on fittings and fixtures, etc and 10 years on the actual building.

I'd still consider a new build, but depends who its built by, but most of the time when the housing estate is actually starting to finish being built the house prices normally rise