Rate Reducer.
For lower monthly payments.
Use your builder’s incentive to lower your initial mortgage rate, so you have more room in your monthly budget.
ITV As seen on ITV’s This Morning A new home.
A new home.
More within reach.
Save on your mortgage payments when you buy a new build home with a participating developer
See how it worksFind a home where Own New is available.
- ✓ Own 100% of your home
- ✓ No Own New fees
Your saving.
See what your builder’s incentive could do for you.
Own New Rate Reducer.
Checking current rates…
Illustrative only. This is not a mortgage quote or confirmation of eligibility. Your rate and payment depend on your circumstances, lender criteria, builder incentive, property eligibility and product availability. Other purchase costs and lender or broker fees may apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Available on homes from leading housebuilders.
How it works.
Your builder’s contribution. A helping hand with your mortgage.
- 1.
Choose a home.
Find a participating new-build home. Your builder can explain the Own New support available.
Explore the homes - 2.
Make the incentive work for you.
Your broker helps you explore a lower initial rate, extra support or a No Deposit option, depending on eligibility.
Meet the products - 3.
Your broker does the rest.
A participating broker checks affordability and applies to a lender. We handle the incentive behind the scenes.
Find a broker
100% of the builder incentive benefits you. No Own New fees.
Three ways to use it.
Your broker will help you pick the right one.
Flex.
For help with other costs too.
A lower initial rate, with flexibility for cashback or extra builder support, where available.
Rate + flexibilityFind a home
No Deposit.
For a move without a mortgage deposit.
Buy on selected developments with no mortgage deposit, subject to lender criteria and affordability.
£0 mortgage depositFind a home
Available on selected homes, subject to lender criteria and affordability. Other purchase costs and lender or broker fees may apply. Your broker will confirm the products and rates available for your circumstances.
Homes to make your own.
Find a place. Explore what you could save.
Real buyers.
A little support. A big difference.
“Rate Reducer kept our costs manageable and let us move into a four-bedroom home without stretching our budget.”
Adam & Kirsty
“Own New Flex helped us afford our four-bedroom home, and splitting the incentive also covered stamp duty when we needed it most.”
The Jacobs Family
“Without Rate Reducer, we could not have moved when we did. It kept our monthly costs workable at the right time.”
Emily & Joseph
Rate Reducer, explained.The Mortgage Mum on ITV’s This Morning
Does Own New provide my mortgage?
No. The mortgage is provided and administered by a participating lender, just like any other mortgage. We work behind the scenes with your builder and lender to make the subsidised rates available to you.
Do I get 100% of the builder incentive?
Yes. Own New is designed so the full builder incentive works for the buyer. Depending on the product and lender structure, that benefit may appear through a lower rate, cashback, deposit support, or a combination of these.
What happens after the initial reduced-rate period?
The reduced rate applies for the initial period specified in your mortgage offer. When that period ends, the subsequent rate and terms in your mortgage agreement apply unless you arrange a new deal. Your payments may change. Your broker can explain the terms and help you review your options before the initial period ends.
Are there any fees?
Own New does not charge buyers a fee for using its products. Other costs may apply, including lender or broker fees, legal fees, taxes and moving costs. Your broker and conveyancer can explain the costs for your purchase. No Deposit means no mortgage deposit is required for eligible buyers; it does not mean there are no other upfront costs.
Is Own New available to First Time Buyers?
The scheme is available to all types of buyers, both First Time Buyers and Home Movers. However, the mortgages are offered by our partner lenders, and their lending criteria will apply. Talk to a Preferred Broker to discuss your personal circumstances and they can advise you appropriately.
Why can't I see these rates on price comparison sites?
Own New mortgages are available through participating brokers and depend on the home you choose. Start by finding a participating development on our map, select a home and submit an enquiry. Your enquiry will be linked to that development so the builder and a participating broker can help you explore the options. A broker will confirm the rates available for your circumstances.
See all 16 questions
What is Own New?
Own New helps homebuyers purchase new-build homes, with builder incentives that can help with mortgage payments or a deposit, depending on the product.
We work with homebuilders, mortgage brokers and lenders to make selected new-build homes available through Own New products. With Own New Rate Reducer, the homebuilder contributes towards your mortgage, helping reduce your interest rate and monthly payments.
The mortgage you receive will depend on the property, the lender's criteria and your individual circumstances. Not all buyers or homes will qualify.
How does Own New Rate Reducer work?
Own New Rate Reducer uses a builder incentive equal to 5% of the purchase price to reduce your mortgage interest rate during the initial mortgage period. This can lower your monthly payments during that period. The rate available depends on the property, lender and your circumstances.
How does Own New Flex work?
Own New Flex uses 3% of the property price to support your purchase.
That contribution is first used to help reduce your mortgage rate and monthly payments. Any amount left over may be paid to you as Own New cashback. In some cases, Flex can also work alongside other homebuilder support, such as help with your deposit or stamp duty, or upgrades to your new home.
The rate and support available will depend on the property, the lender's criteria and your individual circumstances. Not all buyers or homes will qualify.
What is Own New Flex + Gifted Deposit?
Own New Flex + Gifted Deposit combines a builder contribution of 3% of the purchase price toward reducing the mortgage rate with a further 2% toward your deposit, where offered by the builder and accepted by the lender. Your broker can confirm the contribution available and how much deposit you would need to provide.
What is Own New No Deposit?
Own New No Deposit gives eligible buyers access to a mortgage for 100% of the purchase price on selected new-build homes, without needing to provide a mortgage deposit.
It could be an option if you want to buy a new-build home but saving a deposit has held you back.
Availability depends on the development, property and lender criteria, including affordability. Your broker can confirm current eligibility and any other purchase costs you need to budget for.
What is Own New Cashback and how is it paid?
Where applicable, any remaining value from the builder incentive after reducing your mortgage costs is paid to you as Own New Cashback. The amount depends on your mortgage and the incentive available. Your broker can explain any expected cashback, and Own New will confirm the amount once we receive the mortgage data from your lender. Payment is arranged by bank transfer after completion; we will confirm the payment process and timing with you.
Which lenders are on the scheme?
We work with both high street and specialist lenders, and these often change depending on market conditions. Talk to a Preferred Broker to understand which lender options are available to you currently.
Are the calculator results a mortgage quote?
No. The calculator provides illustrations based on published Own New marketing rates and the assumptions shown with the results. It is not a mortgage quote, offer or confirmation of eligibility. A participating broker will confirm the actual mortgage rates, payments and products available for your chosen home and circumstances.
Do I own 100% of my home?
Yes. Own New is not shared ownership. You buy and own 100% of your home from day one, subject to the normal mortgage and conveyancing process.
Is Own New available on every new build home?
No. Availability depends on the builder, the development, and sometimes the specific plot, so be sure to search the map, or ask your homebuilder if it is available.
Find your home.
See where your next chapter could begin.