What is a newly built mortgage?

A newly built mortgage is a type of mortgage that is used to finance the construction of a new building. This type of mortgage differs from a traditional one because it is designed to provide funding in stages rather than all at once.

The requirements for a mortgage application are the same whether you are applying for a newly built mortgage or a mortgage for an existing property.


How does a newly built mortgage work?

The mortgage application process for newly built properties is similar to that of an existing home. The first step is determining your maximum mortgage. The maximum mortgage amount for a new build home is a top 100% loan to value. Once you know how much you can afford, the next step is to find a suitable property and participate in the lottery. The developer selects the buyers and signs purchase agreements. Now is the time to apply for a mortgage. Once approved, you sign a mortgage deed at the notary.

Advantages of purchasing a newly built
  • The price is fixed, so there is no need to overbidding.

  • Buyers do not need to pay the transfer fee of 2%, as the vendors cover this cost.

  • You have the advantage of customizing the layout and interior of the property to your liking.

  • Newly built properties are typically highly energy efficient, which can result in significant savings on monthly energy bills.

  • Banks even offer a discount on the interest rate for properties with an energy label

Buy a newly built home and save on
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    Property transfer tax

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    Appraisal costs

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    Real estate agent commission

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    Notary fees (ownership deed)

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