Introducing “Own New”

11th July 2024

We have some fabulous news! Today we are launching Own New’s Rate Reducer so that you have an easier way to get affordable mortgages on new-build homes that you love.

This is a scheme launched nationwide designed to make mortgages more affordable to people buying new build homes. Funded through a subsidy paid for by the us, ‘Rate Reducer’ is a unique mortgage that provides movers and first-time buyers with access to lower interest rates and reduced monthly payments during the initial mortgage period. 

 

Own New “Rate Reducer”

An Own New Rate Reducer mortgage allows buyers to purchase a new build home with a lower interest rate mortgage. It’s a regular mortgage, just with lower monthly payments for the initial period.

Own New works behind the scenes with house builders and lenders, to reduce the overall cost involved with mortgage loans on new build properties. The reduction is funded by house builders’ contributions towards the cost of the mortgage and enables the lender to offer borrowers more competitive interest rates during the initial period of their mortgage.

Eliot Darcy, founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home. With the support of our house builder partners like Walton Homes, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they can afford.”

 

How does the Own New “Rate Reducer” scheme work?

  • Locate the development that you’re interested in and get in touch with the sales advisor to find out which homes are eligible for the programme.
  • We may help out with up to 3% of the purchase price towards your new home depending on the plot and build stage of the house that you have chosen (subject to Loan-To-Value ratio).
  • Own New will facilitate the direct transfer of the contribution to your mortgage lender.
  • Benefit from reduced monthly mortgage payments throughout the initial period, depending on your original term.
  • Own 100% of your new home!

 

Who will provide my mortgage?

With the Own New Rate Reducer scheme, you can apply for mortgage products with reduced interest rates from certain lenders. Own New acts as a middleman between your broker and the lender to guarantee that you can obtain the best mortgage possible. 

How do I access Own New?

Our Sales advisors can suggest an Own New approved broker who will assist you with the mortgage application process once you’ve chosen your dream Walton Home. 

 

Why should I consider Own New?

Affordability: Walton Homes are dedicated to lowering financial barriers to homeownership and providing high-quality homes to all.

Lower monthly repayments: Select Rate Reducer to take advantage of lower interest rates, which will make your monthly payments easier to handle.

Financial stability: Reduce the impact of growing living expenses using Rate Reducer’s lower monthly payments.

 

You can contact our sales advisers Thursday – Monday, 11am – 5pm at the following developments below:

Acresford Park: Call 01889 441008

Alverton View: Call 07714 108153

Augustus Fields: Call 07793 325967

Woodwinds: Call 07841 605189

 

 

FAQ’s

Who’s eligible to use Own New’s service? And how does it work?
This scheme is open to anyone purchasing a new build property including first time buyers and home movers. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term.

What properties offer Rate Reducer?
Please speak to your local sales advisor for information on which properties offer the Own New scheme.

Who will my mortgage be with?
Your mortgage is directly with the lender. Own New is the platform that sits between your broker and the lender to ensure you get a great deal.

How do I get started? How do I access this service?
Once you’ve found one of our properties you love, your local sales advisor can recommend an Own New approved broker who will guide you through the mortgage application process.

 

You can visit the Own New website by clicking here: https://ownnew.co.uk/ 

 

*T&Cs apply. Own New is on certain developments and plots only. Please speak to a sales advisor for more information about the Own New scheme. Eligibility is at the developers discretion. Independent financial advice must be sought from a regulated mortgage broker to access this scheme and ultimately subjected to the lenders terms and conditions. Your mortgage is likely to increase after the initial 2 – 5 year period and your home may be repossessed if you do not keep up with your mortgage repayments. This scheme is not in conjunction with any other offer available.*