Buying a new build. Mortgage limits

[Urgsleepmoresleep]

I have just bought an off plan new build that will be ready in 8 months. started to look for mortgages and I am finding interest rates are higher and not much available due to the delayed build rate.

I have a new build mortgage advisor and best interest rate he can find is 5.04% over 5 years. Unfortunately the best rate I was ore approved for was pulled. I am looking at putting down a 65% deposit. Is this reasonable?

I am just slightly suspicious that the broker are guided by mortgage companies as I am not paid for the service it’s commission based

It doesn’t seem way off base. But if you’re concerned, go onto Moneysupermarket, input your details and take a look at the deals you’re advertised there

65% is more than reasonable

Sounds about right if the lender is having to factor in a mortgage starting in 8 months time. Expectation is rates will go up more.

Oh and check your broker is whole of market and not tied to a lender.

Thanks guys. My broker only had access to a small part of the market. I ended up consulting a friend of a friend who is independent. He has found me the same deal for 2 years and advised me to take it.