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Own New – A New Scheme to Make Mortgages More Affordable

17 May 2024 | News

We have partnered with Own New to offer their new mortgage scheme which helps people buy new build homes with reduced mortgage rates, and with smaller deposits.

Own New helps buyers to secure a low mortgage interest rate for an initial period when buying a new build home, helping them to get onto, or climb the property ladder sooner.

The scheme offers two products, the Rate Reducer and the Deposit Drop, both of which are designed to make home ownership available to more people.

The Rate Reducer offers lower monthly mortgage interest rates of up to 4% less compared to what’s currently available from banks and building societies. The Deposit Drop gives you the opportunity to buy your new home with just a 5% deposit.

Both of these products are now available on selected new homes at a number of our developments.

Lenders such as Halifax, Virgin Money, Furness Building Society and Darlington Building Society are confirmed as signed up to provide the mortgages, with others due to follow.

Chris Kelly, Sales Director at Stonebridge Homes, said: “We are very excited to announce that we have partnered with Own New. Whether you’re a first-time buyer or a home mover, this new scheme is great for anyone looking to buy a Stonebridge home, as you’ll get the opportunity to either lower your monthly mortgage payments or pay a smaller deposit. Here at Stonebridge, our mission is to make buying a new home as easy and accessible as possible, and we believe the Own New scheme is a great step in that direction. With many more of the leading lenders signed up to the scheme, now is the perfect time to find your Stonebridge home.”

Own New Rate Reducer is funded by housebuilders. Under the scheme, Stonebridge Homes will pay a three or five percent subsidy direct to the lender, minus an arrangement fee to Own New, which will be offset against the mortgage interest rate to reduce payments for the first two or five years.

Scott Richford, Mortgage and Protection Adviser at MAB New Homes, in which the housebuilder works closely with, said: “Own New Rate Reducer is a great option for clients to consider to access lower initial interest rates, which can make homeownership more affordable. It’s potentially suitable for First Time Buyers and home movers alike and with more lenders supporting the scheme it’s great that Stonebridge have this option available to buyers who qualify with those lenders. New Build Mortgage Specialist like ourselves will be able to advise on the benefits of the scheme, and the fact that this is only available on new build homes is a real boost for this area of the market place.”

The Own New scheme is open to anyone purchasing a new build property including first time buyers and home movers.

For more information, please visit or contact the Stonebridge Sales team on or 0113 357 1100.

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