Own New was established in 2022 by founder Eliot Darcy. The firm partners with lenders to enable high-loan to value (LTV) lending against new-build properties using funding from housebuilders.
The scheme was officially launched in February and more than 250 housebuilders are expected to sign up.
Through the Own New partnership, Furness Building Society has released three two-year fixed rates. This includes a deal up to 80 per cent LTV with a 2.11 per cent rate and a £995 fee.
There is an option up to 90 per cent LTV, also with a £995 fee, priced at 2.66 per cent.
Up to 95 per cent LTV and with no fee, there is a deal with a rate of 3.56 per cent
The mortgages can be arranged through brokers only and are available to first-time buyers and homemovers.
Alasdair McDonald (pictured), head of intermediaries at Furness Building Society, said: “As one of the first lenders in the UK to participate in the Own New Rate Reducer scheme, we are pleased to be helping brokers empower their customers to take their first step onto, or next step up, the property ladder sooner than they had anticipated.
“By offering Own New Rate Reducer mortgages at Furness, we are equipping our intermediary partners with the means to unlock the dream of a new home for many more buyers.”
Darcy said: “It is great to welcome Furness Building Society on board with the Own New Rate Reducer scheme. The principle behind the initiative is a very simple one – to introduce a regular mortgage with lower rates to help more people either buy their first home or make the move they need to a different property.
“We’re particularly pleased that Furness is the first lender to offer Own New Rate Reducer with a 95 per cent mortgage, which will make it this innovative scheme accessible for buyers with lower deposits.”
