What’s the “Own New” Scheme?
Navigating the terrain of home ownership in the UK has seen an innovative twist with the introduction of the Own New mortgage scheme, a beacon of hope for those dreaming of stepping onto the property ladder, particularly within the new build sector. Crafted with the modern homebuyer in mind, this scheme is not just another financial product but a transformative approach to making home ownership more accessible and affordable.
Understanding Own New
At its core, the Own New scheme is a partnership between developers, mortgage lenders, and mortgage brokers, aimed at making home ownership more attainable. By offering innovative mortgage solutions like the “Rate Reducer” and “Deposit Drop,” Own New targets one of the biggest barriers to homebuying — the upfront costs.
Rate Reducer: A Closer Look
The Rate Reducer, a cornerstone of the Own New scheme, presents a straightforward proposition: securing a mortgage at a significantly lower interest rate for the initial term. This option is a testament to the scheme’s commitment to alleviating the monthly financial burden on homebuyers, enabling them to allocate resources more freely towards their new home. It’s an opportunity particularly well-suited for both first-time buyers and those moving homes, requiring a minimum of a 10% deposit.
Deposit Drop: Lowering Barriers
In parallel, the Deposit Drop focuses on reducing the upfront financial hurdle for homebuyers. This facet of the scheme facilitates access to competitive mortgages with a lower deposit requirement, addressing one of the major obstacles for many aspiring homeowners.
It’s a strategic move towards democratising home ownership, ensuring that a wider audience can consider buying a new build property without the daunting prospect of amassing a substantial deposit.
How to Apply for Own New
The application process for Own New is straightforward but requires attention to detail.
Start by finding an eligible new build property offered by developers participating in the scheme. Then, consult with an approved Own New mortgage broker, that’s us, to discuss your options and navigate the mortgage process, which remains similar to standard new build purchases but with the added benefit of owning 100% of your home upon completion.
Not all brokers will be eligible to advise on this scheme, and brokers must be qualified to do so. Here at Coreco we are delighted to say that some of our brokers were amongst the first to qualify for this scheme, so you are in safe hands.
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Pros and Cons
As with any mortgage scheme, it’s essential to weigh the pros and cons. The Own New scheme offers lower monthly payments through the Rate Reducer and accessibility through the Deposit Drop.
However, potential buyers should consider the scheme’s eligibility criteria, property selection limitations, and the future implications once the initial reduced-rate period ends and payments potentially rise.
Why Consider Own New?
The Own New scheme stands out for its collaborative approach to reducing lender risk, thereby creating better mortgage opportunities for a broader audience. It’s an innovative solution in a post-Help to Buy era, offering competitive 95% mortgages without regional price caps, making new build homes more accessible across the UK.
For those navigating the complex path to homeownership, Own New offers a promising route, especially for those considering new build properties. By reducing initial costs and providing more favourable mortgage rates, Own New is poised to bring the dream of home ownership within reach for many more in the UK.
Navigating Own New with Coreco
Expert Guidance
Coreco’s team excels in demystifying the mortgage process. Their deep market knowledge ensures that you’re presented with options that align perfectly with your financial situation and homeownership goals.
Tailored Solutions
Understanding that no two homebuyers are alike, Coreco prides itself on crafting personalised mortgage solutions. Whether you’re drawn to the Rate Reducer for its lower initial payments or the Deposit Drop to ease the upfront cost burden, Coreco navigates these options to find your best fit.
Seamless Process
Applying for the Own New scheme involves several steps, from selecting an eligible new build property to finalising mortgage arrangements with approved brokers. Coreco streamlines this process, advocating on your behalf to ensure a smooth journey from application to owning 100% of your home upon completion.
Why Choose Coreco?
Unparalleled Experience: With years of expertise in the mortgage industry, Coreco’s advisors offer unmatched insights and a robust understanding of market trends, ensuring you receive the best possible advice.
Comprehensive Support: From the initial consultation to the moment you receive your keys, Coreco’s team is with you every step of the way. They not only help navigate the Own New scheme but also provide ongoing support to adapt to changing financial landscapes.
Reputation for Excellence: Coreco’s commitment to transparency, integrity, and client satisfaction has cemented its reputation as a trusted mortgage advisor. This ethos is in perfect harmony with the Own New scheme’s goal of making homeownership more accessible.
Innovative Solutions: Embracing schemes like Own New, Coreco stays at the forefront of mortgage innovation, offering clients advanced solutions that break down traditional barriers to home buying.
The Bottom Line
The Own New scheme represents a significant shift towards more accessible homeownership, particularly within the new build sector.
For those embarking on the home buying journey, Coreco’s blend of industry expertise, client-centric service, and access to pioneering schemes like Own New makes them an indispensable partner. The path to homeownership, often fraught with complexities, becomes clearer and more navigable with Coreco by your side, ensuring your dream of owning a new build home is within reach.
Contact The Coreco Own New Experts
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.