A scheme designed to make mortgages more affordable to people buying new build homes has been launched nationwide. Funded through a subsidy paid for by the builder, ‘Rate Reducer’ is a unique mortgage that provides movers and first-time buyers access to lower interest rates and reduced monthly payments during the initial mortgage period.

An OwnNew Rate Reducer mortgage allows buyers to purchase a new build home with a lower interest rate mortgage. It’s a regular mortgage with lower monthly payments for the initial period.

OwnNew 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 to the cost of the mortgage and enables the lender to offer borrowers more competitive interest rates during the initial period of their mortgage.