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Own New Scheme: What It Means for Homebuyers

12.09.24

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The Own New scheme, launched in February 2024, is an exciting initiative designed to make homeownership more accessible to homebuyers purchasing new build properties across the UK. Own New aims to enable homebuyers – both first time buyers and home movers – to purchase new builds with lower mortgage rates

As part of SevenCapital’s commitment to providing high value homes, homebuyers considering apartments at The Grand Exchange, Bracknell, can now take advantage of the new scheme.

Here, we assess the benefits of the Own New scheme.

What Does the Own New Scheme Include?

The Own New scheme’s Rate Reducer allows homebuyers to lower their mortgage interest rates and reduce monthly repayments for the first 2 or 5 years. The property developer makes a financial contribution to the initial deposit directly to the lender – typically between 3% – 5% – which is then offset against the mortgage interest.

For example, if you were to purchase at £355k 2-bedroom apartment, your typical mortgage rate would be 4.51%. However, with Own New, the rate is reduced to 3.13%.*

*This information is correct at the time of publishing.

How Does it Work?

The process is very similar to the traditional buying process. After you find a new build property you love that offers the Own New Scheme, then simply arrange your mortgage with an approved Own New mortgage broker who will help get the process started.

The scheme is open to anyone wanting to purchase a new build property– whether a first-time buyer or a mover.

How Does the Own New Scheme Benefit Homebuyers?

Access to Competitive Mortgages: Own New partners with different lenders and are able to offer access to exclusive mortgage deals with competitive interest rates, thereby lowering their monthly mortgage repayments for the homebuyer.

Depending on the size of the initial deposit, buyers can secure rates as low as 0.99% for a two-year fixed mortgage term, saving you thousands across the initial term.

Wide Accessibility: Numerous property developers, including SevenCapital, have joined this exciting new scheme, meaning there are a number of new build developments across the UK that are eligible. The scheme has no regional price caps, making it a versatile option for homebuyers across the UK.

Find out everything you need to know about the Own New Scheme here.

New Build Property for Sale in Bracknell

The Grand Exchange, Bracknell presents a new standard of living for the thriving commuter town and homebuyers can now take advantage of the Own New Scheme, meaning reduced monthly mortgage repayments.

Featuring resident-only amenities such as a fully equipped gym, a co-working space, and bookable meeting and treatment rooms, The Grand Exchange sets out to redefine apartment living.

SevenCapital have recently launch a new phase of apartments after unprecedented interest from the market both on previous phases and at off-plan stage.

Find out more about The Grand Exchange apartments here.