Own New - Rate Reducer
Mortgage rates below 1.78% available with Own New – Rate Reducer*
What is Own New - Rate Reducer?
Own New – Rate Reducer is a brand-new scheme available on new build homes.
It could mean lower mortgage rates and reduced monthly payments, whether you’re a first time buyer or an existing homeowner.
It’s the easy way to get an affordable mortgage, offering reduced interest rates for your initial fixed term of 2 or 5 years.
Savings of up to £528 per month on mortgage payments available with Own New Rate Reducer**
How does Own New - Rate Reducer work?
- Find one of our properties you love from a large range of choice.
- Arrange your mortgage with one of our approved Own New mortgage brokers, who will help you figure out if Own New's Rate Reducer is right for you.
- If it's suitable, we could contribute up 3% or 5% of the purchase price of your chosen home.
- This contribution is then paid directly to the mortgage lender, meaning you'll get a lower interest rate and lower mortgage payments for your initial term
- Own 100% of your new home!
Find your new home with Own New Rate Reducer
FAQs
Anyone buying a new build home can use Own New’s service, including first-time buyers and those moving homes.
Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using it with the lender to lower the interest on your mortgage payments for the initial term.
Your mortgage will be directly with the lender. Own New acts as a platform between your broker and the lender to help you get a great deal.
Once you find a property you love, your sales advisor can recommend an Own New approved broker who will guide you through the mortgage application process.
Terms & Conditions
* Example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with a 2 year initial period and an LTV of 75%. Saving made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 01/08/2024.
** Example based on market interest rates, with an average house price of £400,000 and an average mortgage term of 30 years. Assumes a a 5%
homebuilder incentive and a 2 year fix, with 75% LTV mortgage. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 01/08/2024.
Eligibility is at Esteem Homes’ discretion, is subject to receiving regulated advice from an approved Own New mortgage broker and is ultimately subject to lender terms and conditions.