Own new mortgages
What is Own New?
The new Own New Rate Reducer scheme offers buyers access to reduced mortgage interest rates with certain lenders making it easier and cheaper to buy a new build home.
House builders refer customers to an approved Own New broker, who will process the mortgage in the normal way. House builders will also contribute to the scheme, paying a small fee on completion of a sale (there is no cost to the buyer).
Own New works with various lenders and over 60 home builders to allow a better way for people to buy a new home if they want a lower interest rate and lower monthly payments. It is designed to make home ownership available to many more people with 100% home ownership.
You can buy through the rate reducer scheme with a deposit as little as 5%.
There maybe a reduced choice of property and lender and rates could increase once your initial deal ends.
As with all mortgages, the amount of deposit you are able to put down will affect the mortgage rate available to you.
Advantages of Own New
• Great interest rates
• Deposit as little as 5%
• Opportunity for cashback
• Employed or self-employed
• Available for houses or flats
How long are lower mortgage rates fixed for?
Your mortgage rate will be fixed for 2 or 5 years, depending on which mortgage product you take out when using the Own New Scheme.
What happens when the fixed term ends?
Once your fixed deal ends, you’ll either need to remortgage onto a new deal or you will revert onto the lenders Standard Variable Rate (SVR). However, Watts Mortgage will contact you prior to this time to secure your next deal.
Who is eligible to use the Own New Scheme?
The scheme is open to anyone buying a new build property whether you’re a first time buyer, home mover or you have owned property in the past.
As a whole of market broker Watts Mortgages are able to search the whole of the market place to secure you the best possible rate based on your specific circumstances.
Own New offers
Subject to each lender's criteria, Own New is available on flats, apartments and houses, low and high-value properties and there are no regional price caps. It is available for people buying their first home and those moving up the property ladder. The scheme is fully privately funded, with no support from the taxpayer.
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Shannan and her team were fantastic in securing me a fantastic deal on my first home in what is a difficult market for first time buyers. Highly recommended.
S.Morris
