The Own New scheme is funded by housebuilders and enables lenders to provide high-loan-to-value (LTV) mortgages against new-build properties for a reduced rate.
The housebuilders signed up to the scheme include Barratt Homes, Persimmon and Taylor Wimpey.
Halifax, Virgin Money, Darlington Building Society and Furness Building Society are among the lenders providing Rate Reducer mortgages through the initiative, with pricing as low as 0.99 per cent.
Sarah Tucker (pictured), 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, added: “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 housebuilders 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.”
