Own New and new mortgage lender, Gable Mortgages, have announced a new no-deposit mortgage proposition designed to help eligible buyers access homeownership without the need for a mortgage deposit.
Initially available exclusively on selected Barratt Redrow developments, the launch marks the first step in Own New’s expansion into tackling deposit affordability alongside monthly mortgage affordability.
Own New has partnered with Gable Mortgages, a new lender focused on helping customers who can afford mortgage repayments but struggle to save for a deposit, to bring the no deposit mortgage proposition to the new build market. Available initially on eligible Barratt Redrow properties in England and Wales, the five-year fixed-rate product, through participating mortgage intermediaries, offers qualifying buyers a route into homeownership without providing a mortgage deposit, subject to affordability and lending criteria.
The launch signifies Own New’s broader strategy to address two of the biggest barriers to purchasing a home: the cost of monthly mortgage repayments and the challenge of raising a deposit. It also marks Gable Mortgages’ entry into the new build sector through Own New’s housebuilder platform.
For many aspiring homeowners, saving for a deposit remains one of the most significant obstacles to getting onto the property ladder. While many renters can demonstrate a track record of meeting housing costs through monthly rent payments, building up the substantial deposit needed for a conventional mortgage can prove challenging amid wider cost-of-living pressures.
The launch reflects a growing focus across the housing and mortgage sectors on widening access to homeownership and creating solutions that address both monthly affordability and the upfront costs associated with purchasing a home.
Since its launch, Own New has focused on helping housebuilders and homebuyers access mortgage products that improve affordability. Through initiatives such as Rate Reducer and Flex, the business has helped reduce monthly mortgage costs for eligible buyers.
Eliot Darcy, Founder and CEO at Own New, said: “For years, much of the conversation around housing affordability has focused on monthly mortgage payments. While that remains critically important, we know there are many people who can comfortably demonstrate the ability to make those payments but remain locked out of home ownership because they cannot raise a deposit.”
“This partnership with Gable Mortgages represents an important evolution of Own New’s proposition. By helping address both monthly affordability and deposit affordability, we’re expanding the ways we can support housebuilders and, most importantly, help more customers access a new home.”
Chris Eaton, co-CEO of Gable Group, added: “Working with Own New has allowed us to bring our no-deposit proposition into the new-build sector through a trusted platform with strong housebuilder relationships. Together, we’re creating a responsible new route into home ownership for people who may previously have believed it was beyond their reach.”
Steve Mariner, Sales and Marketing Director at Barratt Redrow, commented: “We’re pleased to be the first housebuilder to make this new proposition available to eligible buyers through Own New and Gable Mortgages.”
“Providing customers with greater choice and helping them overcome barriers to purchasing a home is an important part of our commitment to supporting home ownership. We believe this innovative proposition has the potential to help buyers who can afford monthly mortgage repayments but have previously struggled to save for a deposit. We’re proud to support the launch and look forward to seeing the positive impact it can have for customers.”
Own New intends to make the proposition available more widely across its housebuilder network in the coming months.
