The Mortgage Mum partners with Own New to help new home buyers access lower-rate mortgages

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The Mortgage Mum has officially partnered with Own New, to offer a lower-rate mortgage option for new home buyers.

A scheme designed to make mortgages more affordable to people buying new build homes has been launched nationwide. Funded through a subsidy paid for by the builder, Own New’s ‘Rate Reducer’ is a unique mortgage that provides movers and first-time buyers with access to lower interest rates and reduced monthly payments during the initial mortgage period.

Sarah Tucker, CEO and founder of The Mortgage Mum said: “We are so excited to be partnering with Own New on this innovative product. The high interest rates stop a lot of our clients moving, and this could be the help they need to take the leap. We have many clients who are interested in buying a new build property, and as brokers we really miss being able to offer the Help to Buy Scheme. We see the Own New products bringing a huge boost to the new build sector, and we are determined to help spread the word.”

Eliot Darcy, founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to get on the property ladder, or to move up it. With the support of the house builders and our finance partners like The Mortgage Mum, the Rate Reducer product is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they are willing to pay.”

An Own New Rate Reducer mortgage allows buyers to purchase a new build home with a lower interest rate mortgage. It’s a regular mortgage, just with lower monthly payments for the initial period. Own New works behind the scenes with house builders and lenders, to reduce the overall cost involved with mortgage loans on new build properties. The reduction is funded by house builders’ contributions towards the cost of the mortgage and enables the lender to offer borrowers more competitive interest rates during the initial period of their mortgage.

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