Benefits of Buying Off Plan

What does buying ‘off plan’ mean? We take you through the process of buying a home 'off plan' and explain how to secure a good mortgage rate when doing so.

What are the benefits of buying off plan?

There are several reasons why buying off plan might be several people’s preferred option: 

Customisation opportunities

When buying a home that’s off plan, you’re buying a home that still has a bit of wiggle room left for customisation. Some changes are more complicated than others to make – and larger scales customisation are much more difficult to make once a house has already been completed.

When you buy off plan, you can engage with us, the developers, directly. We are then able to take your specific needs into consideration and can strive to design a home that ticks all of your boxes. 

Lower prices

An off plan home can often be secured at a lower initial price than a finished property. 

However, once the development is complete, this value will hopefully rise over time. 

When it comes to buying and investing in property, timing is everything and, with an off plan property, time is on your side.

Greater transparency

When buying off plan, you’ll be able to look at the house blueprints, view a model home and purchase a plot all before the construction work is complete.  

You’ll be able to view a home from its inception, rather than have to rely on the word of previous owners who can, at times, conveniently forget the little cracks and dents in the home they’re desperate to sell. 

How to secure a mortgage when buying a property off plan

Securing a mortgage for an off plan home is fairly straightforward. 

Here’s a step-by-step guide on what to do: 

Speak to a mortgage broker

A mortgage broker will act as a mediator between you and the bank, helping you find the best mortgage rate and giving you advice on your property budget. This is one of the easiest ways to kickstart the mortgage application process, since your adviser will handle the negotiations on your behalf.  

When you buy with Bloor, we can put you in touch with one of our trusted mortgage brokers if you’d like, but you are absolutely welcome to use a mortgage broker of your choosing too. 

Put down a deposit

A deposit is a commitment to the developer and your lender that you plan to and can pay off the cost of your home. 

It's usually recommended to drop down a deposit that equates to 15-20% of the property’s purchase price. However, this is just a rough recommendation. There's technically no legal minimum or maximum for a deposit.

It should be noted though that the higher a deposit you drop, the more likely you are to get your mortgage request approved. It indicates to the lender that you are financially secure. 

If you opt to use our Deposit Unlock scheme however, you might be able to reduce your deposit to as little as 5% of the asking price while still securing a mortgage.  

Improve your credit score

There are numerous things you can do to improve your credit score, from paying off utility debts on time to registering to vote with your local council. Your mortgage lender will look at your financial history when determining if they're likely to see returns when lending to you, so it may pay off to improve your score. 

Buying off plan with Bloor

If you’re considering buying off plan, consider buying with Bloor. Our off-plan properties are fully customisable from day one, allowing you to craft a home that’s entirely unique to you.