Own New – Simpler, Better & Hassle-Free Path to Home Ownership
Own New is a home ownership scheme, which recently launched in February 2024. It’s available through many Home Builders and supported by several Mortgage Lenders across the UK. Own New includes two innovative schemes, the Rate Reducer and the Deposit Drop. Whether you're a first-time buyer or looking to move, these options are designed with you in mind.
Have you been considering a new build property offering the Own New scheme?
If so book an appointment with a qualified Mortgage Adviser from Just Mortgages today. They'll guide you through the process and help you determine which scheme is right for you.
You could own 100% of your home while saving money on mortgage payments or the upfront deposit.
What is Own New Rate Reducer?
The Own New Rate Reducer scheme allows you to buy a new build home with a lower mortgage rate compared to mortgage products available on the open market.
How does the scheme work?
- Once you find your dream new build home, book an appointment with a Mortgage Adviser to discuss the buying process.
- The Home Builder will agree to contribute 3% or 5% of the purchase price, which is sent to your Mortgage Lender via Own New.
- This contribution offsets your mortgage interest, reducing your rate and resulting in lower monthly payments for your initial term.
The benefits of Own New Rate Reducer
- Benefit from lower monthly mortgage payments. These lower repayments could potentially save thousands of pounds over the initial term.
- Working with a Mortgage Adviser will make your home buying journey stress free, as they can find the right deal for you and increase your chances of a successful application.
Further information to consider with the Own New Rate Reducer
- Your monthly mortgage payments might increase substantially if interest rates rise by the end of your initial term.
- To secure the most competitive rates, you'll need a larger deposit, which could deplete your savings more quickly.
- The scheme restricts your options, as you can only purchase a new build from an Own New approved Home Builder.
What is Own New Deposit Drop?
The Own New Deposit Drop scheme allows you to own 100% of your new home with as little as a 5% deposit. Additionally, it offers competitively priced mortgage options, making your home ownership journey more affordable.
The benefits of Own New Deposit Drop?
- Enables first-time buyers and existing home owners to purchase a new build home with a 5% deposit.
- Allows customers to access low deposit mortgages at competitive interest rates.
- When you apply for the Deposit Drop scheme you will be assessed based on your ability to make the mortgage repayments, so even if you are self-employed, have previously been furloughed or have a low credit rating, you can still be accepted.
Further information to consider with the Own New Deposit Drop
- Like the Rate Reducer, this scheme limits your options as you must purchase a new build from an Own New approved Home Builder.
- To determine if a new build property is eligible for the Deposit Drop scheme, please note that there is a price limit in place. Consult with your Home Builder for the maximum property price allowed under this scheme.
Want to find out more about Own New? Book an appointment with a Mortgage Adviser to talk through your options.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Spicerhaart introduce to Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
Approved by The Openwork Partnership on 20/11/2024
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