The Mortgage Store Helps Local Buyer Achieve 100% Homeownership with Innovative Rate Reducer Mortgage

The Mortgage Store is delighted to announce that Own New’s Rate Reducer mortgage has enabled a local homebuyer to achieve 100% ownership of their new home at Tilia Homes’ Steeple View development. Originally constrained by a tight budget, the buyer had been considering a shared ownership option, but thanks to the expertise and creative thinking of The Mortgage Store, they are now the proud owner of their entire property.

Mr King had set his sights on a beautiful, three-bedroom detached property in the sought-after Steeple View development, priced at £409,950, nestled in the picturesque village of Steeple Claydon in Buckinghamshire. However, with a monthly mortgage budget of £1,500, Mr King initially believed that a 75/25 shared ownership scheme was the only viable option to keep his payments manageable. This approach would have meant owning only 75% of the property while paying rent on the remaining 25%.

Understanding the buyer’s desire to fully own his home, Stuart, a senior mortgage advisor at The Mortgage Store, took a proactive approach. Instead of simply accepting the limitations of shared ownership, he conducted comprehensive affordability checks to explore alternative solutions. After careful analysis, Stuart identified that Mr King was eligible for a Rate Reducer mortgage.

“We are thrilled to have helped Mr King realise his dream of full homeownership,” said Stuart at The Mortgage Store. “Our goal is always to find the best possible solution for our clients, and in this case, a Rate Reducer mortgage was the perfect fit. It’s incredibly rewarding to see our clients achieve something they initially thought was out of reach.”

Own New’s Rate Reducer mortgage is designed to help buyers secure their dream home while keeping payments affordable for the initial term. By leveraging this innovative product, Stuart was able to structure a mortgage plan that not only kept monthly payments within Mr King’s budget but also allowed him to own 100% of the property outright.

“I was convinced that shared ownership was my only option,” said Mr King, “but thanks to Stuart at The Mortgage Store and Own New, I can now call my home entirely my own. The Rate Reducer mortgage was a game-changer for me, allowing me to stay within my budget and still achieve full ownership. I’m incredibly grateful for the team’s dedication and expertise in making this happen.”

For more information about Rate Reducer, speak to a participating home builder or broker.

Consider getting independent financial advice before making any financial decisions on whether Rate Reducer is right for you. Your home may be repossessed if you do not keep up repayments on your mortgage, equity loan and other loans secured against it.