Why new builds make great first homes
Wondering what you should be looking for in your first home? The Mortgage Mum sheds some light on why a new build could be the perfect choice.
Buying your first home is a huge milestone. The prospect of having a space to call your own and decorate however you want, plus the draw of escaping the rental market, is exciting to say the least.
But we know how overwhelming the process can seem. It's natural to have a long list of questions that need answering - how much deposit do I need? Can I afford the monthly mortgage payments? How much does it cost to run a house? What sort of house should I be looking for? And of course, where can I find help and advice as a first-time buyer?
In this article we speak to Sarah Tucker, Founder and CEO of The Mortgage Mum, about the challenges she sees first-time buyers face, and why choosing a new build for a first home could be the ideal solution.
Meet the Expert: The Mortgage Mum
Hi, I’m Sarah, Founder & CEO of The Mortgage Mum and mum of three beautiful children. I’m a TV mortgage expert, regularly appearing on ITV’s This Morning, Sky News and BBC News, and most recently I’ve been working with 10 Downing Street to try and improve the property sector.
The Mortgage Mum is a national multi-award winning all-female mortgage and protection brokerage comprised of women working flexibly around their families and clients’ needs.
We specialise in all types of mortgages, from first-time buyer mortgages to later-life lending and commercial finance. We're also renowned for being a financial educator for our clients.
Our mission (beyond gender equality!) is to demystify the mortgage process and make homeownership a reality for as many people as possible.
What are the biggest challenges facing first-time buyers?
There are two main challenges that first-time buyers come up against. One is a lack of deposit, and the other is a challenge in mortgage affordability. For those renting, it can be difficult to save for a deposit while paying rent payments every month, meaning home ownership can feel like a distant dream.
Equally, mortgage payments are often lower than what they pay in rent – it’s the deposit that is the barrier!
For others, the increase in mortgage rates has left people frustrated that they can't afford what they need in the areas they want to live in.
A lack of information and confidence can also be a big barrier for first-time buyers, who are overwhelmed with the negative news and feel that buying a home is too much of a challenge for them.
Do many first-time buyers choose new builds?
We do see more and more first-time buyers who are interested in new build properties now. They want a home that's ready to move into, and they’re looking for a sense of community too.
Our team love the new build market, because there are more opportunities for our clients to get a property they love. The energy-efficiency you get with a new build also helps with their monthly affordability once they move in.
We love the schemes that are available with new builds, and feel that more needs to be done to shine a light on the benefits.
The new build market is still misunderstood by some, who assume that properties are built to a low standard, and don’t offer any character. However, we at The Mortgage Mum love demystifying that.
What do first-time buyers look for in a home?
A home they love in an area they feel safe in, and within a budget that they feel they can comfortably afford and maintain.
It’s all about the feeling of safety, security and making it their own (within a budget!). We notice they want to be able to enjoy the home immediately, without the need for a huge renovation, which can be overwhelming and add to the budget required on the other side of a purchase.
So, what makes a new build a great choice for a first home?
I think a new build can tick so many boxes for first-time buyers! Here are just some of the reasons why people should be looking at a new Persimmon home for their first step on the housing ladder.
1. A sense of community
New build developments are carefully curated and provide a sense of community from the minute you reserve a property. On a Persimmon development, you might have shared features like playgrounds, wildlife areas and allotments on your doorstep, making it easy to meet your neighbours and form great bonds. I’ve witnessed this first-hand, and it’s incredibly unique - I think it's a huge positive!
2. Personalisation
Imagine being able to make a home your own without the need to budget – that’s what you can experience when you reserve a new build property! Picking your worktops, your fittings, your appliances and even cupboard handles can be an incredibly exciting and rewarding experience. Our first time buyers get so excited about this and I can see why!
3. Save money with new build buying schemes
New build schemes offer hope for our clients who may need to think outside the box when preparing to purchase their first home.
From shared ownership to the Own New Rate Reducer scheme, there's something to suit everyone. And I have to admit, we love the Own New Rate Reducer mortgage at The Mortgage Mum – I think it’s the type of innovation our industry needs, and it’s amazing to be able to save our clients money in those first years when it really matters to them.
The interest rates on this scheme are unbelievable compared to the market offering, and it allows clients to benefit immediately from choosing a new build property!
4. Brand new, beautiful homes
The properties are beautiful from day one! And they are becoming more and more unique on sites across the UK, bringing to life the individual features of each home. It’s lovely to see the range of different styles of house on each site, which compliment each other but allow our clients to differentiate when they’re looking for 'the one!'.
5. New builds are an energy-efficient option
Last but not least, I love the fact that new build properties let you save money on energy bills, and I have to say that our first-time buyer clients really value this! We see more and more clients driven by this, and I love that aspect. With the rise in energy prices, every penny counts, and this can provide our clients with the extra security and peace of mind they’re after!
Would you recommend a Persimmon home to a first-time buyer?
I was pleased by the exceptional quality of Persimmon new build homes, having visited the Castleton Grange site in Suffolk. I loved showing the development to our first-time buyer clients who felt the same way, and I've since signed up to view some of my own when the time comes – that’s how impressed I was!
They were beautifully presented with real attention to detail, and a high-quality finish. I would 100% recommend them and I have done!
What would you say to anyone considering buying a new build home?
Start today by speaking to someone you trust. Find your financial adviser and keep them close to you. Build a relationship with them and let them guide you through this exciting chapter in your life!
Your adviser should be by your side for a lifetime, not just this transaction on this house. You need to get the same “gut feeling” you get for your first home with your adviser too, because they will make ALL the difference when it comes to how empowered or helpless you feel during the process.
Ask as many questions as you need – you should feel like they are totally with you on this journey and that no question is too big or small. After all, this is the most important purchase you could be making in your life so far! It’s such a privilege to be by a client’s side during this time!
Any last words of advice to homebuyers?
Enjoy the process! You’ll always remember the feeling you got when you find “the one” and your search will be long forgotten once you do. Homeownership is a beautiful journey, and such a personal experience. I want it to become something to get super excited about, rather than feel fearful of!
If you feel lost and unsure, the right people are out there to help you make this a reality! And it will and can happen for you - believe that. Your home is out there right now waiting for you to buy it and make memories within its walls. It may even be being designed right this very second on a new build site near you.
Be open-minded, and trust your instincts – when it comes to your home, your gut knows best! And for everything else, we’re here.
For friendly, expert advice when it comes to buying a home, from help with your mortgage application to information on different mortgage products, The Mortgage Mum is here to help.
Contact The Mortgage Mum