Owning a new build home has never been easier with the Own New scheme

The Own New Rate Reducer scheme has been designed to make home ownership available to more people, helping homebuyers access mortgage rates that are much lower than traditional ones for the initial period.

Only available with participating developers, Own New is available on new-build apartments and houses, low and high-value properties, and available for people purchasing their first home or those moving up the property ladder.  Own New encourages responsible lending at competitive rates and means buyers don’t have to be penalised for having a small deposit or high monthly living costs.

When choosing a property through a housebuilder participating in Own New, the developer will agree to contribute 3% or 5% of the purchase price.  Homebuilders traditionally offer incentives such as cashback or a discount to encourage people to buy, but with the Own New scheme, they invest this into the buyer’s mortgage, lowering the interest rate and meaning the purchaser can build up more equity in their new home.  The lender will take this contribution and offset it against the mortgage interest, reducing monthly payments for the first 2 or 5 years, depending on the length of the initial term.

Own New is currently available on homes at the developments below, Chattowood in Elmstead Market, and Hartford Green in Great Bentley:

View all properties for sale at Chattowood

See all available properties at Hartford Green

Pictured is The Paris house type at Chattowood.  An example of terms on a property of £425,000 with a 10% deposit would be 2.42% on a 2 year fixed rate, with capital repayment over a 30-year term and monthly payments of £1,499.37.

Dan Mules, Director of independent mortgage advisers, Fitch & Fitch commented  “The Own New scheme provides a great opportunity for purchasers to access a unique selection of products that use the developer discounts to reduce your monthly mortgage payments.  There are currently a limited number of lenders that can deal with the scheme, but Fitch and Fitch have access to all of them.”

If you are interested in properties at Chattowood or Hartford Green, or would like to find out if you are eligible for an Own New mortgage, please contact our partners, Fitch & Fitch by emailing [email protected] or find out more about Own New here.

*Prospective purchasers must obtain advice from an independent mortgage broker in relation to the Own New scheme.  Eligibility is at the developer’s discretion, subject to receiving regulated advice from an independent mortgage broker and lender terms and conditions.