Take the first step toward your new build home
By using our free mortgage calculator you can estimate how much your monthly mortgage repayments could potentially be based on the interest rate and length of time you choose to have your mortgage over.
Mortgage Calculator
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Your estimated monthly repayment will appear here.
This calculator is for illustration only and does not constitute financial advice.
Calculating your mortgage
Use our free mortgage calculator above to get an estimate of what your monthly mortgage repayments could look like. Simply enter your property price, deposit amount, interest rate, and how many years you want to pay off your mortgage.
Keep in mind that buying a home involves more than just your mortgage. Costs such as Stamp Duty Land Tax, solicitor fees, and conveyancing charges are all worth factoring into your overall budget from the outset.
Please note: the figures produced by this calculator are intended as a guide only and should not be relied upon as financial advice. We strongly recommend that all eligible home buyers seek independent professional mortgage advice before making any decisions.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Ready to buy your new home?
FAQs
How does the mortgage calculator work?
Simply enter your expected property price, the deposit you plan to put down, your estimated interest rate, and your preferred mortgage term in years. The calculator will give you an approximate monthly repayment figure. Bear in mind this is an illustrative guide, your actual repayments will depend on the specific deal agreed with your lender.
How much deposit do I need to buy a new build home?
Most lenders require a minimum deposit of 5-10% of the property’s purchase price for a new build. However, putting down a larger deposit such as 15% or 20% will typically give you access to better interest rates and lower monthly repayments. It’s worth speaking to a mortgage advisor to understand what’s available to you.
Can I get a mortgage on a new build property?
Yes. Most high street lenders and specialist providers offer mortgages on new build homes. Some lenders do apply slightly stricter criteria for new builds. It’s worth consulting an independent mortgage broker who has experience with new build purchases.
How long does a new build mortgage offer last?
Because new builds can take time to complete, most lenders offer a mortgage validity period of six months, though some will extend this to nine or even twelve months for new build purchases. If the build takes longer than expected, your broker can usually apply for an extension on your behalf.
What other costs should I budget for when buying a new build?
Beyond your deposit and monthly mortgage repayments, you should factor in Stamp Duty Land Tax (if applicable), solicitor and conveyancing fees, mortgage lender fees, and any furniture or finishing costs. The good news is that with a new build, you’re unlikely to face immediate maintenance or renovation costs – everything is brand new and covered by a builder’s warranty.
Can a first time buyer get a mortgage on a new build?
New build homes are a popular choice for first-time buyers and for good reason. Built to modern energy efficiency standards, they typically cost less to run than older properties, with better insulation and lower energy bills from day one. When bought off-plan, you may have the opportunity to put your own stamp on the home before you move in, choosing fixtures and finishes to suit your taste.