A scheme which could help new-build home buyers access lower mortgage rates is now available at Vistry Group locations across the Peterborough area and Cambridgeshire.
Vistry East Anglia, which incorporates the Linden Homes and Bovis Homes brands, is rolling out Own New’s Rate Reducer product at all its developments across the region.
The scheme is designed to help first-time buyers and home movers by enabling them to unlock reduced mortgage rates as low as 3.14 per cent from participating lenders over an initial fixed term, usually two or five years, reducing their monthly payments during this time.*
Fraser Hopes, managing director of Vistry East Anglia, said: “Own New will provide more options for people looking to take their first step onto the property ladder as well as those wanting to move into a larger property. It offers a regular mortgage, just with lower monthly payments for the initial period which is often when buyers have additional expenses.
“We’re already seeing a great deal of interest in this innovative new mortgage product and are looking forward to helping even more people secure a high-quality Vistry home which meets their needs.”
Own New Rate Reducer was launched in February and works by using the housebuilder’s incentive budget to access lower mortgage rates with the lender and therefore reduce the customer’s monthly mortgage payments over a fixed term.
For example, if the housebuilder offers a three per cent incentive on a home, Own New Rate Reducer takes this sum and offsets it against the mortgage interest to reduce monthly payments. In addition to cutting monthly outgoings during the fixed-rate period, the customer will pay more off the capital value of their mortgage because the interest charged on the loan is lower.
Lenders still carry out their usual affordability assessment to check the purchaser can afford repayments if the interest rate increases once the fixed-term benefit ends.
Halifax, Virgin Money, Perenna and Furness Building Society are the lenders which have already signed up to the scheme.
Eliot Darcy, founder of Own New, said: “In today’s challenging economic climate, we’ve partnered with national house builders like Vistry Group to introduce a straightforward solution—a regular mortgage with lower monthly payments. This initiative is making homeownership more accessible, allowing people to pursue their dream homes without compromising their financial stability.”
Own New is available at developments across the Vistry East Anglia region, including Bovis Homes’ and Linden Homes’ developments in;
- Quantum Fields, Littleport
- Cromwell Abbey, Ramsey
- Cotterstock Meadows, Oundle
- Hampton Water, Peterborough
- Judith Gardens, Sawtry
- Haddon Peake, Great Haddon (Bovis)
- Haddon Green, Great Haddon (Linden)
- Priors Hall Park, Corby
- Willow Woods, Ely
- The Boulevards, Northstowe
- Kings Newton, Grantham
Once a buyer has found the new-build home they want to buy, the sales advisor at the development will put them in touch with an approved Own New mortgage broker.
More information can be found at bovishomes.co.uk, lindenhomes.co.uk or countrysidehomes.co.uk.
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