Own New: the builder's incentive, in your mortgage.
House builders have always offered incentives to sell a new build — a kitchen upgrade, carpets, help with stamp duty. Own New takes that money and puts it where most buyers would rather have it: into a lower interest rate for the first few years, or into the deposit. It is an ordinary mortgage, and you own 100% of the house.
100%
of the home is yours — no shared equity
5%
deposit, with Deposit Drop
2
products — pick one, not both
£0
broker fee from us, at any stage
Two products. You choose one.
Both take the same house builder contribution and spend it in a different place. Which is better depends entirely on whether your problem is the monthly payment or the deposit.
01
If the monthly payment is the problem
You have the deposit, but the payment at today's rates is uncomfortable — or it is the difference between the house you want and the one you can afford.
Lower payments up front
Rate Reducer
The builder's contribution is used to reduce the interest rate on your mortgage for the initial fixed period, so your monthly payment is lower from the first month. How much lower depends on the size of the incentive the builder is offering on that plot.
- A normal mortgage, with a reduced rate for the fixed period
- The reduction is funded by the builder, not added to your loan
- At the end of the period you remortgage as anyone else would
Worth knowing
The catch to look for
The saving is real, but it applies to the initial period only. The right question is not “how low is the rate now” but “what will the payment be when the period ends, and can I live with it?”
- We will show you both numbers before you commit
- Compare it against an ordinary mortgage on the same plot
- Sometimes the ordinary one wins — we will say so
02
If the deposit is the problem
Your income is fine and you can manage the payments. What you do not have is 10% of a house sitting in a savings account, and you would rather not ask family.
Buy sooner
Deposit Drop
The contribution goes towards the deposit instead of the rate, so you can buy a new build with a 5% deposit of your own at competitive rates — without a large lump sum and without the bank of mum and dad.
- 5% deposit from you
- Ordinary mortgage rates, not a penalty product
- You still own 100% of the property
Worth knowing
Borrowing more means paying more
A smaller deposit is a bigger mortgage, and a bigger mortgage costs more every month and more over the term. It is still the right answer for plenty of people — but it should be a decision, not a default.
- You cannot combine Deposit Drop with Rate Reducer
- We will price both and put the numbers side by side
- Then you pick, with the full picture in front of you
How it works
Four steps, and one of them is ours.
Own New works behind the scenes with house builders and lenders. The builder pays a fee, and that money is used with the lender to reduce what the mortgage costs you — either through the rate or through the deposit. From where you are standing it looks like a normal mortgage application, because that is what it is.
- Find a new build you want to buy from a builder signed up to the scheme.
- Talk to an approved broker. The scheme can only be accessed through one, and we are one.
- We work out which product fits — Rate Reducer or Deposit Drop — and price it against an ordinary mortgage so you can see the difference.
- We arrange the mortgage directly with the lender and see it through to completion.
Own New maintains the list of participating house builders and lenders, and it changes as more join. The current list is at ownnew.co.uk — or ask us and we will check the development you are interested in.
Who is eligible, and how does it actually work?
The scheme is open to anyone buying a new build property — first-time buyers and home movers alike. Own New works with house builders and lenders behind the scenes, taking a fee from the builder and using it with the lender to reduce what your mortgage costs for the initial period.
Who will my mortgage actually be with?
A mainstream lender, arranged directly with them in the usual way. Own New is not a lender and does not own any part of your home — it is the mechanism that routes the builder's contribution into the mortgage. The lender panel has grown since the scheme launched, so we will tell you who is available on your development rather than quote you a name that may be out of date.
Can I combine Rate Reducer and Deposit Drop?
No. It is one or the other, which is why it is worth ten minutes working out which one suits your situation before you decide.
Do I own the whole house?
Yes — 100% of it. This is not shared ownership and not shared equity. Nobody has a stake in your home and there is no share to buy back later.
Which house builders are signed up?
Own New publishes the full list at ownnew.co.uk, and it grows over time. If you already have a development in mind, tell us and we will check it for you.
How do I get started?
Once you have found a property you like, get in touch. Independent advice from a regulated mortgage broker is a requirement of the scheme rather than an optional extra, so a conversation is the first step either way — and ours is free.
Before you decide
Is it actually the better deal?
Sometimes, clearly. Sometimes not. A builder incentive routed through Own New competes against the same incentive taken as a cash contribution, against a stamp duty payment, and against an ordinary mortgage on the open market — and which one wins depends on the plot, the rate on the day and how long you plan to stay.
We are not paid more for putting you on one rather than another, so we have no reason to push it. What we will do is price both, show you the monthly payment and the total cost over the fixed period side by side, and let you choose with the numbers in front of you.
Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up repayments on your mortgage.
Found a plot you like?
Tell us the development and we will tell you whether Own New is on it, what it would do to your payment, and how that compares with an ordinary mortgage. Free, and no obligation at any point.