In the ever-evolving landscape of the property market, the dream of owning a home remains a cornerstone of aspirations for individuals and families across the UK. However, navigating the complexities of mortgage financing and deposit requirements often poses significant challenges, particularly for those with limited resources. Amidst these obstacles, a ray of light has emerged in the form of the Own New scheme, revolutionising the possibility of homeownership.
At moneyQuest, we’re proud to announce our partnership with Own New, a pioneering platform that champions inclusivity and accessibility in the housing market. Through this collaboration, we aim to empower home buyers by offering better mortgage options tailored specifically for new builds. The basis of Own New lies in its collaborative framework, where house builders refer customers to approved Own New brokers, streamlining the mortgage process and eliminating traditional barriers to homeownership.
Own New represents a shift in the mortgage industry, with its innovative approach to affordability and deposit requirements. Unlike conventional government schemes, Own New enables buyers to secure 100% ownership of their homes without the burden of hefty deposits or steep interest rates. By leveraging the contributions from housebuilders, Own New ensures buyers have access to favourable mortgage terms, regardless of their financial circumstances. Moreover, with no regional price caps in place, Own New opens doors to homeownership for individuals across the country, from bustling city centres to serene countryside locations.
One of the key strengths of Own New lies in its sustainable funding model, which operates without reliance on taxpayer support. Through the collaboration between builders and mortgage brokers, Own New remains fully privately funded, ensuring its longevity and independence. This commitment to sustainability underscores Own New’s dedication to making homeownership a tangible reality for countless individuals.
Senior moneyQuest Sales Manager, Leanne Beales said: “Brokerages like ours signing up to the Own New scheme signifies a transformative step towards a more inclusive and accessible housing market.
“The Own New scheme provides a fantastic incentive for aiding buyers in stepping onto the property ladder. Its straightforward and user-friendly nature enhances the customer experience, making the mortgage journey more enjoyable. It’s fantastic to collaborate with Own New and their unique mortgage products for the New Build market. They’re playing a crucial role in addressing two major challenges of affordability and deposit requirements, which are particularly significant in today’s economic climate.”
The rate reducer scheme uses participating homebuilder incentives to reduce the mortgage interest rate during the initial mortgage term.
It’s a regular mortgage with 100% homeownership, just with lower monthly payments for the initial period.
Making the new build property purchase attainable with more affordable monthly mortgage repayments.
The Own New Deposit Drop scheme allows customers to buy a participating new build with a lower deposit, as low as 5%. Meaning no need for a large deposit or having to turn to family for support.
Making purchasing a new build property available and more affordable to a broader range of people.
Both schemes mean buyers aren’t penalised for having a small deposit or high monthly living costs.
Own New is available for flats, apartments, houses, and both low and high-value properties. Subject to each lender’s criteria and available on participating new build developments.
Contact us today to take advantage of this new scheme.
19 March, 2024
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