New Builds... on time or delayed?

[lozpants]

Hi all, I'm 11weeks pregnant and we're in a bit of a rush to sort a mortgage before baby arrives in December (obviously wasn't planned, please no negative comments on this as we're stressed as it is).

We're first time buyers and due to coronavirus most banks have pulled all 5-10% deposit mortgages and require a 15-20%. This unfortunately is just not doable for us unless house prices drop massively and our parents aren't in a position to help out.

This leaves us with the government 20% "help to buy" scheme as we will essentially be putting down 25% deposit.

We've found a housing estate with some plots we like and completion is estimated for December-January 2021. In previous experiences with Taylor Wimpey new builds, is this realistic? Or is it likely to be pushed back?

I want to avoid living with my mother as much as I can once baby is here as I know she'll get under my feet and try and put her two pennies in when it's not wanted! A month max is fine, but any longer I think I'll end up going crazy!

Sorry for the long story, so in short, does anyone have experiences with Taylor Wimpey where the houses have been built on time? 🙁

Thanks so much in advance x

No...don't every reply on the estimated completion times...invariably wrong and easily influenced by factors such as the weather. Friend was only the latest to have bought one..kept telling her in time ...on time and then 6 weeks before they gave a months delay, then another months delay. Knackered her as she had already given notice on her rental so ended up homeless and camping with parents etc

A lot of banks are starting to reintroduce the higher ltv mortgages again now, so you might not have to go for a new build.

It can depend what phase. Ours was bang on time but was in the last phase and was probably one of the last 5 houses to be built.

Ours is the last phase and was due to be completed aug/sep. They then said it would likely be done earlier so June/July but because of covid it's now Nov/Dec.

So affected by weather that's it's hard to say. Once the structure and roof is up then the estimates are good because they can work whatever the weather. We were one week late (first phase of a barratts development) but a friend's flat was so delayed that their mortgage offer expired. Too many variables for anyone to guess whether it's likely to be done on time.

The building of our house was already done when we bought it and it still ended up.completing late. As a pp said, banks are bringing back their 5-10% mortgages so I'd consider one of them as the help to buy can be tricky later so I understand (though I don't have experience of it). An already built new build would then be possible and would be quickest as there would be no chain. Have you spoken directly with the banks? Often the online offerings differ slightly so I'd reccommend an appointment with one of their mortgage people. Good luck with it all and congratulations on your pregnancy.

Scrap the idea of a new build. They're sold at a premium, invariably have issues that need fixing and you'll be stressed to the eyeballs as it is. Find somewhere else, cheaper, now.
Try a blanket email asking estate agents what they have on the books for your budget and that are chain free; this will take longer than you think as all EA seem to want your chapter and verse even if you make a simple enquiry!

Thanks all that's really helpful. I've done some ringing around today and nationwide are offering 90-95% LTV mortgages again (woooo) so we are able to put down around 8%!

Glad we can steer clear of the new builds