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New build

We’re here to help your clients purchase their dream new build by allowing access to offer extensions for up to 6 months.

All of our mortgages come with one free standard valuation and first time buyers could also receive £1,000 cashback with our First Time Buyer range of mortgages (minimum loan £75,000).

We define a new build property as one that will be occupied for the first time and/or has been built within the last 24 months based on the date on the completion certificate.

Although we can approve mortgages on properties not yet built subject to satisfactory valuation, we will not release funds until the property has been completed.

Mortgage offers are valid for 6 months.

Brokers can request an extension to an existing mortgage offer at any point during the initial six months meaning that customers could have a total offer period of up to twelve months.

To request an offer extension a broker should complete an Offer extension declaration and upload to the application.

We'll consider an offer extension subject to the following:

  • We're notified of any change in circumstances and associated supporting documents are submitted
  • The case is still acceptable to us in line with our current mortgage lending policy
  • A new credit search
  • An updated property valuation (if required by the valuer)

Please call our helpdesk on 0345 002 1126 for further information (Lines are open 8am-8pm Monday to Friday and 9am–1pm Saturday (excluding bank holidays).

All M&S Bank Mortgages come with one free standard valuation, this valuation will be obtained using a panel surveyor instructed by us to allow us to determine the amount we could lend.

The customer should consider commissioning their own HomeBuyer report or structural survey, where an independent, expert valuer will carry out a detailed inspection of their property and check the condition it’s in.

The fee for the HomeBuyer report or structural survey would be payable by the customer directly to the valuer.

Standard lending criteria apply subject to:

  • A maximum 85% LTV (for houses, flats and FTBs)
  • A structural defects warranty being in place

New Build Incentives

Financial Incentives

Financial incentives up to 5% of the property price are acceptable without impacting property value. Where the value of a financial incentive is above 5%, the difference must still be deducted from the purchase price for LTV purposes.

Non-Financial Incentives

Any non-financial incentives offered by a builder/developer are acceptable without impacting LTV. Any incentives either financial or non-financial must still be declared.

For New Build properties, we will accept warranties from the following providers:

  • Advantage HCI
  • Aedis Warranties Ltd
  • Build Assure New Homes / Build Assure 10
  • Building Life Plans (BLP)
  • Build-Zone New Home Warranty
  • Checkmate Castle 10 Home Warranty
  • Global Home Warranties Ltd
  • International Construction Warranties Ltd (ICW)
  • Local Authority Building Control (LABC) New Home Warranty
  • NHBC
  • Premier Guarantee
  • Protek
  • The Q Policy
  • Zurich Municipal (please note: although Zurich Municipal has now withdrawn from the market, we will continue to receive and accept their policies / warranties)

When you submit a full mortgage application, we’ll ask you to upload relevant supporting documentation.

Packaging requirements

This website is for use by FCA authorised mortgage intermediaries only.

If you reproduce any information contained in this website, to be used with or advise clients, you must ensure it follows the FCA's advising and selling standards.