Are you ready for lower rates? Then look no further than the Own New Rate Reducer.
An Own New Rate Reducer mortgage allows you to purchase a new build home with a lower interest rate mortgage. It’s a regular mortgage, available from selected lenders, just with lower monthly payments for the initial period.
Own New works behind the scenes with your lender and us, to reduce the overall cost involved with mortgage loans. It’s exclusively available on new build homes. The reduction is funded by our contributions towards the cost of your mortgage and enables your lender to offer you a more competitive interest rate during the initial period of your mortgage.
Matthew Gould, sales director for Lancashire, said: “Rising interest rates have prevented many would-be movers from achieving their dream of owning a new home. This has kept many people trapped in a property that’s too small for them or a cycle of rising rents. The Own New Rate Reducer provides a lifeline to those buyers, bringing rates down for your initial term.”
Graeme Gibb, sales director for Cheshire and North Wales, added: “Our partnership with Own New is removing one of the biggest barriers to moving, by making mortgage payments more affordable. While people may have placed their home move on hold in the hope mortgage rates would start to come down, this gives them a chance to move now without compromising on the size or location of their new home.”
The Rate Reducer can be used to purchase a new house or apartment and is open to first time buyers and existing homeowners.
Eligibility is at our discretion and is subject to receiving regulated advice from an independent mortgage broker and your lender’s terms and conditions.
For more information, example rates and FAQs, visit our dedicated Own New web page.
