Own New Rate Reducer

Own New – Rate Reducer is a brand new and unique new build mortgage product. It provides movers and first-time buyers with access to lower interest rates and as a result, reduced monthly payments during the initial mortgage ‘deal’ period.

It is available when purchasing a new build property with a participating housebuilder on their selected plots and the interest rate reduction on the mortgage is funded by a subsidy, paid for by them.

It offers lower monthly payments for the initial period of either 2 or 5 years fixed. Thereafter the mortgage will revert to the mortgage lender’s standard variable rate. You will be subject to early repayment charges during the fixed rate period and a lender arrangement fee may be payable.

The scheme is available through approved mortgage brokers only who will advise and arrange your mortgage with a participating lender. It will be subject to the lender’s eligibility criteria, including credit and affordability checks plus a property valuation.

A minimum of 5% deposit is required with mortgage products subject to availability. There is no cap on purchase price and the scheme is available on new build houses and apartments, subject to the mortgage lender’s criteria.

As an approved Own New mortgage broker, get in touch today to find out if the scheme is suitable for you…

Your home may be repossessed if you do not keep up repayments on your mortgage. This firm does not charge a fee for mortgage advice.