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Ways to Buy

Own New

Are you wanting to buy a new home but your current circumstances are holding you back?

Maybe you’re going on maternity leave or expecting a pay rise in the next few years? Are you paying for a wedding or car that will be paid off soon, but is impacting your affordability right now?

The Own New Rate Reducer could help you to move into your new home now, while saving you hundreds of pounds per month on repayments in the short to medium term with a reduced rate.

What Is Own New Rate Reducer?

The Own New Rate Reducer scheme is a way to temporarily reduce your mortgage repayments for a two or five year term, meaning you don’t need to put off your dreams of owning a new home.

1) Choose a new build home that’s eligible for Own New

2) The home builder will offer either a 3% or 5% incentive

3) The incentive is paid to mortgage lender (via Own New) and deducted from your monthly repayments over a two or five year term (depending which you choose)

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How Does Own New Rate Reducer Work?

Most home builders offer you an incentive when you reserve a new build home, whether it be in the form of flooring and upgrades within the property, a deposit contribution or even cash towards your moving costs.

Own New allows the home builder offer you another way to use this incentive; to reduce your monthly repayments for the first 2 or 5 years. As long as you have at least 5% of the new home’s value as a deposit (this can be cash or in the equity of your existing home), then Own New could be an option for you to have lower monthly repayments in the short to medium term.

The way Own New works is the home builders offers either 3% or 5% of the value of the new home as an incentive, paid to the mortgage lender via Own New.

The mortgage lender then takes that incentive and splits it across your chosen period (two years or five years), therefore reducing your monthly payments during that time. Naturally, choosing a two-year period will result in a much bigger reduction in monthly repayments as the same amount of money is concentrated over less payments.

At the end of your chosen two or five year period, you would select a new mortgage product as normal, at the rates available at that time, and the Rate Reducer ends.

Am I Eligible For Own New?

The scheme is available for both first time buyers and existing homeowners, as long as you’re not buying an additional property. It is only available on new build homes with builders who are signed up to the scheme.

Download Example Rates