With the mortgage market thriving, advisors may start to look at specialising in particular areas so that they can stand out from the crowd. One of these specialist advice areas is new build properties, but what do you need in addition to the CeMAP qualification to focus on this sector?
Knowledge of lenders
One of the reasons why people will look to an advisor who specialises in a particular market area is in the belief that they will have the deepest knowledge of the best lenders and deals. Thus, a new build advisor needs to stay on top of which lenders are offering new build mortgages and what their criteria are.
Help to Buy knowledge
Help to Buy is the government scheme aimed at people purchasing new builds, but the rules surrounding it changed at the start of April. It is now only first-time homebuyers who can access the scheme, and different regions have varying price caps. A specialist new build advisor must be aware of these changes and how they will affect customers.
Housing developer contacts
An advisor who wants to develop their business by focusing on new build mortgages should make contact with housing developers and stay abreast of the construction process. This is because they need to know if a home their client plans to buy will not be completed on schedule – should the delay last longer than the standard six-month mortgage window; the application needs to begin again from scratch.
With lender and Help to Buy knowledge up their sleeve, along with developer contacts, advisors can help their clients purchase new build properties with ease.