Own New partners with Chorley Building Society to offer lower mortgage rates

We’re thrilled to announce a brand new partnership with Chorley Building Society, expanding access to significantly lower mortgage rates in the early years of homeownership for buyers of new build homes.

Through this partnership, eligible homebuyers will be able to purchase a new build property using the Own New scheme alongside Chorley’s mortgage products. The aim is simple: help more people buy a home with the confidence of highly accessible, lower monthly repayments in those crucial early years.

Helping buyers with monthly payments

Managing monthly outgoings is one of the most important factors when buying a home. This partnership is designed to support buyers who want to maximise their monthly budget and enjoy the financial breathing room that comes with a lower-rate mortgage during their initial fixed period.

By combining Chorley Building Society’s approach to manual underwriting with Own New’s innovative use of builder incentives, buyers can access standard mortgages with significantly reduced interest rates, for an initial period, on selected new build homes. This makes the scheme particularly relevant for first-time buyers and home movers who want the security of lower monthly payments while adjusting to life in their new home.

How Own New works

With Own New, the process is simple, transparent, and designed entirely for the buyer’s benefit.

When a builder offers a 5% incentive, Own New ensures that 100% of that value goes directly to the buyer to pay down the interest on their mortgage, resulting in significantly lower monthly payments. There are no Own New fees and no hidden deductions.

The incentive is applied pound-for-pound against the interest the buyer would otherwise pay. If, for any reason, the full incentive isn’t used for the rate reduction, the buyer is topped up with cashback, ensuring they always get 100% of the value. Throughout the process, buyers own 100% of their home from day one.

A strong fit with Chorley Building Society

Chorley Building Society has a long-standing focus on responsible lending and supporting borrowers who may not always fit a high-street mould. Their experience with manual underwriting and new build lending makes them a natural partner for Own New.

Together, Own New and Chorley aim to give brokers and builders another highly practical option to help buyers move forward, particularly where monthly affordability in the early years of homeownership is the priority.

“Partnering with Chorley Building Society is a game-changer for the Own New panel, particularly for brokers dealing with more complex cases. Their willingness to combine our Rate Reducer product with criteria for light adverse customers, alongside Joint Borrower Sole Proprietor applications allowing up to four incomes, gives brokers an incredibly powerful tool. It means we can unlock significantly lower monthly payments for buyers who might otherwise be forced onto much higher rates with traditional specialist lenders.”

Eliot Darcy, Founder & CEO of Own New

“We are pleased to launch our Own New mortgage range, which serves the needs of both existing homeowners and first-time buyers. We listen to feedback from our broker partners and we know that they are looking to help their clients with innovative options that support affordability. At Chorley Building Society, we have a flexible approach to lending and we can uniquely provide Own New’s proposition along with our Joint Borrower Sole Proprietor criteria. Chorley Building Society was formed more than 165 years ago to help people own their own homes, and we are still doing that today with innovative new products, such as the Own New mortgage.”

Liz Pearson, Operations Director at Chorley Building Society

What this means for brokers and builders

• For brokers: The partnership adds another excellent lender option for clients purchasing new build homes who want to prioritise lower monthly payments in the early years of homeownership. Applications are assessed through Chorley’s underwriting team, with a focus on individual circumstances rather than automated decisions alone, making it a smoother process to navigate.
• For builders: The Own New scheme offers a powerful tool to widen the pool of potential buyers, converting interest into completed sales without having to increase headline prices or rely solely on traditional deposit contributions.

Looking ahead

This partnership reflects Own New’s ongoing focus on working with lenders who share the same goal: making homeownership more accessible and offering buyers the financial structures that actually work for their everyday lives.

More details on product criteria and availability will be shared through Own New approved brokers. To get started and explore your options, reach out to a Preferred Broker today!

Your home may be repossessed if you do not keep up repayments on your mortgage. Not every new build home will qualify for Own New, eligibility can be checked with your homebuilder. After the initial incentive period, your monthly mortgage payment is likely to increase.