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A brand new mortgage product, Own New Rate Reducer, might see consumers of new-build Bellway houses profit from rates of interest beneath 1.00 per cent.*
The product launched on Monday 4 March and is available on chosen new Bellway houses throughout Northumberland.
Emma Chesterton, Sales Director for Bellway North East, mentioned:“It’s an exciting time for anyone looking to purchase a Bellway home. Here at Bellway, one of our key priorities is putting customers at the heart of what we do. We have a range of incentives available to our customers. Our partnership with Own New on the Rate Reducer product will have a positive effect on affordability for our customers, giving them access to as many ways to purchase as possible, making it easier for more people up and down the country to move.
“Regardless of deposit size, the positive benefits will be felt by homeowners each month as their monthly outgoings are lessened.
“Rate Reducer could be suitable for any type of buyer, whether looking for their first home or to move into a larger property. We would encourage anyone thinking about purchasing a new home in Northumberland to get in touch with us to find out more about the scheme and put you in touch with an independent mortgage broker to talk you through the possibilities.”
Own New Rate Reducer is funded by housebuilders. Under the scheme, Bellway can pay a 3 or 5 per cent subsidy direct to the lender, minus an association payment to Own New, which can be offset in opposition to the mortgage rate of interest to cut back funds for the primary two or 5 years.
The product is available throughout the nation and has been launched with nationwide lenders Virgin Money and Halifax.
Eliot Darcy, Founder of Own New, mentioned: “Our ethos is to make home ownership and mortgage lending in this country open to more people and we are confident that the launch of the Own New Rate Reducer will achieve that.
“We believe that Rate Reducer will be a significant boost to many people’s home-buying dreams.
“This is just the product to stimulate the housing market and to give more people a helping hand and initial boost to get onto the property ladder or to secure that new home that will give them the extra space they need.”
Eliot arrange Own New having felt pissed off when within the course of of shopping for his first home. His purpose was to create a extra accessible system of mortgage lending for future new-build consumers.
Own New Rate Reducer is available on chosen plots in Northumberland, at Meadowcroft, Foxton Mill and The Withers.
*Interest fee appropriate as of 4 March 2024. Terms and situations apply. Selected developments and plots solely.
