Lincolnshire housebuilder teams up with Own New to launch new rate reducer mortgage scheme

31","classid":1073872969,"properties":[469775450,"normaltextrun",201340122,"1",134233614,"true",469778129,"normaltextrun",335572020,"1",469778324,"default paragraph font"]">Available on new build homes only, the Own New Rate Reducer scheme is open to first-time buyers and existing homeowners and offers reduced mortgage interest rates of below four per cent, while buyers still retain ownership of 100% of their home.

Launched in February 2024, the Own New Rate Reducer scheme could lower a buyer’s mortgage rate by a considerable amount for the first two to five years, depending on the term length of the initial mortgage.

Helene Key, sales manager at Chestnut Homes, said: “Higher mortgage rates have greatly impacted buyers, with many holding off on purchasing their dream home. Partnering with Own New means we can help to make mortgage rates more accessible for all buyers whether it’s their first home or their next big move.

“This scheme comes at no extra cost to the buyers too, and acts the same as a regular mortgage, just with lower monthly payments during the initial period, which will free up money for buyers to spend elsewhere.

“We believe everyone should have the opportunity to own a home which is why we’re proud to be offering the Own New Scheme, as well as a variety of other buying schemes to help buyers make their dreams a reality.”

To make this scheme possible, Chestnut Homes will pay a fee of either three or five per cent of the purchase price of a property to Own New, which then allows mortgage lenders to provide a range of lower interest rates to buyers.

The Own New Rate Reducer is available across selected properties at Chestnut Homes’ developments in Boston, Coningsby, Dunholme, Market Rasen and Sibsey.

For more information on how to access this scheme, visit https://www.chestnuthomes.co.uk/buying-guide/own-new-rate-reducer/