Homebuyers can secure lower mortgage rates at Lancashire development
Buyers at Beaumont Green development can access reduced interest rates as low as 3% with Own New scheme
Homebuilder Countryside Homes, part of the Vistry Group, has joined the pioneering Own New scheme to help homebuyers in Warton unlock more affordable mortgage rates and smaller deposits at its Beaumont Green development.
The Own New Rate Reducer mortgage products are available for both first-time buyers and second or third steppers on selected homes at the Lytham Road site.
‘Own New’ mortgages are part of a nationwide scheme bringing together lenders with house builders to help buyers purchase a newly-built home sooner than they might otherwise, with as little as a 5% deposit. Buyers can unlock lower mortgage interest rates from a participating lender, over a fixed two or five year period, providing more affordable mortgage payments during that time.
Countryside Homes makes this possible by giving a financial contribution of typically 3% to Own New who then passes this to the lender. There is no cost to the home buyer and they will own 100% of the property.
Gemma Hardy, Managing Director Vistry Merseyside and Cheshire West, commented: “We understand that buying a new home is a huge commitment, and we’re pleased to offer the Own New Rate Reducer which makes homeownership more accessible for a wider range of potential buyers.
“The Own New Rate Reducer offers home buyers a regular mortgage with lower monthly payments for the initial period, which will provide more people with the confidence to make their first or next home move. It’s also available for buyers whether they put down a large or small deposit.
“We’ll work with our approved mortgage brokers who will be able to compare all the options available to make sure buyers get a mortgage product that is right for them and in their long-term financial interest.”
Own New Rate Reducer was launched nationwide earlier this year and works by using the housebuilder’s incentive budget on selected plots to access lower mortgage rates with the lender, to therefore reduce the customer’s monthly mortgage payments over a fixed term.
This means, for example, if the housebuilder offers a 3% incentive on a particular home, Own New Rate Reducer takes this sum and offsets it against the mortgage interest to reduce monthly payments. In addition to cutting monthly outgoings during the fixed-rate period, the customer will pay more off the capital value of their mortgage because the interest charged on the loan is lower.
Prospective buyers will have the opportunity to find out more about Own New Rate Reducer and other home buying incentives on Saturday (21st July), held at Beaumont Green between 10am - 4pm.
For more information about Own New Rate Reducer and other saving solutions at Countryside Homes’ Beaumont Green development visit: https://www.countrysidehomes.com/developments/lancashire/beaumont-green-warton