A scheme designed to make mortgages more affordable to people buying new build homes has been launched nationwide. ‘Rate Reducer’ is a unique mortgage that provides movers and first-time buyers with access to lower interest rates and reduced monthly payments.
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.
The collaboration marks a significant milestone in the New Homes industry, offering potential homebuyers the opportunity to benefit from this product making homeownership more accessible and affordable for a broader range of buyers. As Rate Reducer features lower monthly payments for the initial period, potential buyers will have greater financial flexibility and ease the burden of homeownership costs.
Annette Thompson, Sales Director at Lagan Homes, said: “We are thrilled to be in partnership with Own New and offer Rate Reducer to our customers. This will undoubtedly reshape the landscape of New Homes within the property market. This product not only enhances affordability but also expands opportunities for a diverse range of buyers, giving them access to highly competitive mortgage deals, ultimately making owning a new home more achievable.”
Eliot Darcy, founder of Own New, emphasised the simplicity and impact of the Rate Reducer scheme, stating, “In today’s challenging economic climate, we’ve partnered with national house builders like Lagan Homes to introduce a straightforward solution—a regular mortgage with lower monthly payments. This initiative is making homeownership more accessible and affordable, allowing people to pursue their dream homes without compromising their financial stability.”
To provide customers with more insight into the Rate Reducer product, Lagan Homes will be hosting an Own New Rate Reducer event from Saturday, April 13th to Sunday, April 14th. An approved Own New Rate Reducer financial adviser will be available throughout the weekend from 10am to 5pm on both days. The weekend long event will aim to offer attendees a comprehensive understanding of the benefits and features of Rate Reducer, empowering them to make informed decisions about their homeownership journey.
For more information about Rate Reducer and the event or to explore available developments, please visit the Lagan Homes website.