Housebuilder Walton Homes is the latest housebuilder to sign up to the Own New Rate Reducer scheme, just as lenders are cutting the price of mortgage deals.
Own New works behind the scenes with housebuilders and lenders to reduce the overall cost involved with mortgage loans on new build properties. Acting as a middleman between broker and lender to guarantee homeowners can obtain the best mortgage possible. The reduction is funded by housebuilders’ contributions towards the cost of the mortgage and enables the lender to offer borrowers more competitive interest rates during the initial period of their mortgage.
Walton Homes’ Own New Rate Reducer mortgage will enable first-time buyers and home movers to purchase a new build home with a lower interest rate mortgage. The Midlands-based housebuilder is helping out with up to 3% of the purchase price towards a new home, depending on the plot and build stage of the house chosen (subject to Loan-To-Value ratio).
Eliot Darcy, founder of Own New, said: “With the support of forward-thinking housebuilder partners such as Walton Homes, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams while keeping monthly mortgage repayments to a level they can afford.”
Walton Homes director, Amy Summerton, said: “Own New is an extremely exciting rate reduction scheme, and we’re thrilled to be a part of it helping more people afford their dream home.”
As Walton Homes pledges its support to the Own You Rate Reducer Scheme, the UK’s biggest lender, Halifax, reduced its rates by up to 0.13%, and Barclays reduced them by up to 0.33% to 4.08%. Their moves follow a series of cuts from lenders including NatWest and HSBC over the past few weeks, while Nationwide has become the first lender in recent times to reduce its rate below 4% for a five-year fixed-rate mortgage.
