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Compare the mortgage, the reservation agreement and the purchase contract as one package before paying a reservation fee. The cheapest initial rate is not automatically the best offer: validity period, fees, incentives, affordability after the deal ends, early-repayment charges, deposit protection and the developer’s delay provisions can change the real risk and cost.
This guide applies to buyers in the UK and reflects guidance and rules checked in October 2026. Lender criteria, rates, offer periods and developer contracts change, so obtain a current mortgage illustration and independent legal advice before you reserve or exchange.
What makes an off-plan offer different
An off-plan purchase involves a property that may not be finished when you commit to buy it. You can therefore have a binding contract before you know the exact completion date, while your mortgage offer has a fixed expiry date. A build programme can move forward or back, and a mortgage offer may need refreshing if completion is delayed.
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Your comparison should answer six questions:
- What will the finance cost over the period you expect to hold the loan, including fees and the follow-on rate?
- Can you afford the payment if completion is delayed or the initial deal ends?
- Will the offer remain valid through valuation, exchange, notice to complete and final completion?
- What flexibility do you have to overpay, port or exit?
- Do the reservation and purchase contracts protect you if the developer is late or the specification changes?
- Are your deposit, warranty and pre-completion inspection arrangements documented?
Compare the whole finance package, not just the headline rate
The Financial Conduct Authority’s MCOB 5 rules are intended to ensure that, before an application, a customer receives information that makes clear “the price that the customer will be required to pay” and facilitates comparison. At offer stage, MCOB 6 requires an updated illustration so you can check the transaction’s features and price before entering it.
| Item to record | Why it matters on an off-plan purchase |
|---|---|
| Lender and product | Eligibility, underwriting approach and new-build policy vary. Record the exact product name and edition. |
| Initial rate and period | A short fixed or discounted period may end before the home is finished or before you have recovered buying costs. |
| Follow-on rate mechanism | Record what rate applies after the initial period and how it is calculated. Model the payment rather than assuming you will refinance. |
| Loan amount and loan-to-value | A changed valuation, incentive or specification can alter the amount you can borrow or the product band. |
| Monthly payment | Use the payment shown in the current illustration, then calculate the payment under the follow-on rate and a delayed-completion scenario. |
| Arrangement or product fee | Check whether it is paid upfront or added to the loan. Adding it increases interest and may change the loan-to-value. |
| Valuation, legal and other lender fees | “Free” services may be conditional or limited to a panel. Record cash costs and any fee that is refunded only on completion. |
| Cashback and other incentives | Record the amount, payment date and conditions. A contribution may not cover rent or other costs created by a delay. |
| Required linked products | Note any required current account, insurance or other relationship, including its ongoing charge. |
| Overpayment rules | Record annual allowances, minimum payments and whether an overpayment charge applies. |
| Early-repayment charge | List the charge periods and percentages or amounts. These affect the cost of selling, refinancing or accepting a delayed completion. |
| Portability | Check whether the mortgage can move to another property and what fresh affordability or valuation checks apply. |
| Offer expiry date | Compare it with the developer’s programme, exchange deadline, notice period and long-stop date. |
Do not compare a product with a fee added to the loan against one where the fee is paid in cash without adjusting the loan amount and interest. Likewise, compare incentives after checking whether they are conditional on using a particular adviser, solicitor, account or insurance product.
Step 1: build a like-for-like worksheet
Create one row per mortgage offer and one column for every item above. Keep the lender’s illustration beside the worksheet so figures can be checked rather than copied from a sales summary. Record the date each figure was issued; rates and criteria can change between an agreement in principle, a full application and completion.
Include the purchase-side cash commitments in a second section:
- Reservation fee, the date it must be paid and the date the reservation expires.
- Exchange deposit, when it is due and whether it is held in a protected client account.
- Stamp Duty Land Tax or equivalent regional tax, conveyancing, searches and moving costs.
- Rent, storage, temporary accommodation and travel if the build is late.
- Service, estate-management or facilities charges that start before or at occupation.
- Inspection, snagging and any re-inspection costs.
Ask the adviser or lender to confirm in writing which figures are guaranteed, which are estimates and which depend on a future valuation or underwriting decision. A regulated mortgage adviser can compare products from different lenders, but you remain responsible for checking that the chosen offer fits the contract timetable.
Step 2: calculate cost over a realistic holding period
Use the holding period you actually expect, not only the initial-rate period. A simple comparison has four layers:
- Initial payments: multiply the illustrated monthly payment by the number of months in the initial deal.
- Upfront and financed fees: add arrangement, valuation, legal and broker fees; if a fee is financed, include the extra borrowing in the balance.
- Incentives: subtract only contributions you are certain to receive and note their payment conditions.
- Later payments and exit costs: model the follow-on rate, expected balance, early-repayment charge and any refinancing or sale costs.
Run the calculation for at least three dates: the estimated completion date, a several-month delay and the date immediately after the initial rate ends. The purpose is not to predict rates; it is to expose whether a delay or rate reset would exhaust your cash reserve or make the purchase unaffordable.
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Do not treat the representative APRC as your personal forecast. It is a standardized comparison measure based on assumptions. The product illustration and your own payment scenarios are the relevant documents for the decision.
Step 3: stress-test affordability and the build timetable
Ask the lender and adviser these questions before you pay the reservation fee:
- How long is the offer valid, and can it be extended without a fresh application?
- If an extension is available, is there a maximum period, a fee, a new valuation or renewed credit and affordability checks?
- What happens if the plot, floor area, price, incentives or specification changes?
- Would a delayed completion require a new offer under then-current rates and criteria?
- How long must the offer remain valid after exchange to cover the developer’s completion notice period?
Build a cash reserve for rent and household bills while waiting, as well as storage, moving costs, reservation and exchange deposits, inspections and estate or service charges. Do not commit every available pound to the deposit if doing so would leave no buffer for a delay.
Request the developer’s current programme in writing, but treat an estimated month as an estimate. The contract should contain the enforceable dates and mechanisms. A sales representative’s verbal assurance cannot extend a lender’s offer or change your legal rights.
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Read the entire reservation document and have your conveyancer review it before money changes hands. The Consumer Code expects key terms to be clear, including the matters below.
| Reservation term | What to verify |
|---|---|
| Plot and specification | Exact plot number, address, floor plan, parking or storage allocation, included fixtures and the version of the specification. |
| Price | Purchase price, incentives, and circumstances in which the price or specification can change. |
| Fee and refund | Amount, payment recipient, refund deadline, permitted deductions and events that make the fee non-refundable. |
| Reservation expiry | Start and end date, whether it can be extended and what happens if your mortgage or conveyancing is not ready. |
| Exchange deadline | Date by which contracts must be exchanged, extension procedure and consequences of missing it. |
| Estimated completion | How the developer will update you and whether the date is expressly non-binding. |
| Charges | Management, estate, facilities or event fees, when they start and how they are calculated. |
Ask specifically what the developer may deduct from a refund. A reservation fee that is described as refundable may still be reduced by stated administration or legal costs. Keep proof of payment and every version of the reservation terms.
Step 5: protect yourself before exchanging contracts
Exchange is the point at which the purchase normally becomes binding. Your conveyancer should explain the contractual completion mechanism, the notice period, the long-stop date and your rights if the developer misses it.
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GOV.UK explains: “A long-stop date can be written into your contract, which permits you to withdraw from the purchase in the event of long delays to the property being finished.” Check the exact date, how notice must be served and whether your deposit is returned if you withdraw. A long-stop is not the same as an estimated completion month; it is the contractual backstop.
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- What event allows the developer to serve notice to complete?
- How many days will you have between notice and completion?
- Can the developer extend the programme unilaterally?
- What happens if the property is materially different from the agreed plan or specification?
- Can you rescind, claim compensation or recover the deposit after the long-stop date?
- Who pays additional valuation, mortgage, storage or accommodation costs caused by delay?
Have your lender and conveyancer confirm that the mortgage offer will still be valid through the expected notice and completion window. Do not exchange solely because a reservation deadline is approaching.
Step 6: check deposit and warranty protection
Identify the warranty provider, policy number or activation code, the registered builder or vendor and the cover that applies to your specific plot. NHBC advises buyers to check Buildmark cover and warns that, where the vendor is not a registered builder, a deposit may not be protected if that vendor becomes insolvent after exchange.
Ask where your exchange deposit will be held, whether it is protected or released to the seller, and what happens if the seller becomes insolvent. Obtain the warranty provider’s confirmation rather than relying on a brochure. NHBC also says mortgage funds are generally not released until a cover note has been issued, so your conveyancer should confirm when that document will be available.
Warranty cover is not a substitute for a contract review. Check its exclusions, notification deadlines and process for structural or workmanship defects, and establish whether the legal seller is the same entity named in the warranty documents.
Step 7: plan inspection and completion
Arrange a professional snagging survey or inspection after the home is substantially built and before completion, if the contract and site access allow it. GOV.UK recommends considering this step, and New Homes Quality Board materials describe a pre-completion inspection process.
Agree the practical process with the developer:
- When can you or an inspector enter the property?
- Will the inspection take place before the completion notice is served?
- How will defects be recorded and acknowledged?
- Who will remedy each item and by what date?
- What happens if serious defects remain when completion is requested?
Ask your conveyancer whether retaining money, delaying completion or relying on warranty procedures is legally available; do not withhold funds without advice. Keep photographs, the inspection report, the developer’s responses and evidence of every repair.
How to choose between two offers
Once the worksheet is complete, score each offer against the same decision axes. A simple table prevents a low initial rate from hiding a weak contract fit.
| Axis | Questions to answer |
|---|---|
| Total cost | What are the rate, fees, incentives, linked products and likely follow-on cost over your planned holding period? |
| Payment resilience | Can you afford the payment after the initial deal and during a several-month delay while still paying rent or other housing costs? |
| Offer durability | Does validity cover exchange, the notice period and completion? Is the extension process documented? |
| Flexibility | What are the overpayment allowance, portability conditions and early-repayment charges? |
| Contract fit | Do reservation, exchange, notice and long-stop dates leave enough time for the mortgage? |
| Security | Are deposit, warranty, client-account and inspection arrangements documented and consistent? |
Mark an item “not confirmed” rather than assuming the most favourable interpretation. A product that is marginally cheaper but expires before the contractual completion window may carry more financial risk than a slightly higher-priced offer with durable validity and a manageable extension route.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Using advisers, conveyancers and inspectors
Developer referrals are optional. GOV.UK notes that many developers have referral relationships with mortgage advisers and legal representatives, but buyers are not obliged to use those firms.
A regulated mortgage adviser can explain lender eligibility, compare products and raise the offer-validity issue. Ask how the adviser is paid, which lenders are considered and whether the recommendation is limited to a panel. Verify authorisation and current fees before proceeding.
Choose an independent conveyancer experienced with new-build contracts. Ask whether the firm will review the reservation agreement, incentives, estate charges, warranty entity, long-stop clause, notice procedure and specification changes before exchange. Confirm who will be available when the developer issues a completion notice.
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Use an independent snagging inspector who can attend before completion. Clarify the inspection scope, report format, travel charges and re-inspection fees. Independence matters because the developer’s sales or legal referral is not a substitute for advice acting solely for you.
Common failure modes and responses
The offer expires before the home is ready
Contact the lender immediately and ask whether an extension, revaluation or fresh underwriting is required. Do not assume the original rate or affordability decision will be preserved. Ask your conveyancer whether exchange should be postponed until the position is documented.
The developer changes the price or specification
Stop and obtain a revised mortgage illustration and valuation if necessary. Have the conveyancer compare the change with the contract and explain any right to withdraw or renegotiate. A small specification change can affect value, loan-to-value or lender criteria.
The reservation deadline arrives before legal work is complete
Request a written extension and confirm the refund consequences before paying more money. An informal promise from a salesperson does not alter the reservation agreement.
A long delay makes the purchase unaffordable
Recalculate rent, storage, interest, service charges and the mortgage scenario. If the long-stop date is reached, follow the contract’s notice procedure and obtain legal advice before attempting to withdraw.
The warranty or deposit documents do not match the seller
Ask the warranty provider and conveyancer to reconcile the legal entities and cover. Do not exchange until you understand who holds the deposit and what insolvency protection applies.
Defects remain at the proposed completion date
Use the inspection report and contract advice to determine whether completion can be delayed, defects can be recorded for post-completion remedy or another contractual remedy applies. Keep all communications in writing.
Pre-book checklist
- Current lender illustration saved, dated and compared with at least one alternative where available.
- Initial rate, follow-on rate, fees, incentives, linked products, overpayment limits, early-repayment charges and portability recorded.
- Monthly payments stress-tested for delay and post-initial-rate scenarios.
- Offer expiry, extension rules, valuation requirements and re-application consequences confirmed.
- Reservation agreement reviewed, including deductions, refund triggers, expiry and exchange deadline.
- Estimated completion distinguished from contractual notice and long-stop dates.
- Deposit holder, protection arrangements, warranty provider and cover note process verified.
- Independent conveyancer instructed before exchange.
- Inspection or snagging access and defect-remedy process agreed.
- Cash reserve retained for rent, storage, charges, moving costs and a delayed completion.
Bottom line
The right off-plan mortgage is the offer that remains affordable and usable when the build programme, valuation and completion date do not go exactly to plan. Compare total cost, payment resilience, offer duration, flexibility, contract timing and protection documents together. Pay the reservation fee only after those points are clear, and exchange only when your lender, conveyancer and warranty arrangements align with the developer’s legally binding timetable.
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