Own New Rate Reducer

Weston Homes has been approved to offer Own New Rate Reducer*, available only on new build homes and via mortgage brokers who have been trained and approved by the Own New team.

Own New Rate Reducer is a new scheme to give home buyers access to some of the most competitive mortgage interest rates on the market, from leading mortgage lenders, for up to 95% of the property purchase price. It could mean lower mortgage interest rates and reduced monthly payments, making it more affordable for first-time buyers and existing homeowners to move into their dream home.

Own New Rate Reducer will include a contribution from Weston Homes of 3% or 5% of the property sales price which is passed directly to the chosen mortgage lender, to secure you a reduced mortgage rate for an initial fixed period of two or five years.

Own New Rate Reducer is one of many schemes that we offer to help our buyers purchase their dream home.

Click here for information on other ways to buy.

Benefits of the scheme
  1. Access to better rates
    Get access to mortgages with lower interest rates and reduced monthly payments during the initial mortgage period.
  2. Lower deposit
    An Own New mortgage is ideal for people with both substantial or low deposits and you could buy the new home you’re looking for much sooner. You can move with a 5% deposit, rather than spending years saving for a larger one or trying to build equity.
  3. No caps
    Unlike other new-build buying schemes, there are no price, salary or geographical location caps on the property you can purchase. It is also available on both apartments and houses.
  4. Not just for first-time buyers
    Open to both first-time buyers and home movers, so no matter where you are in your home ownership journey, there may be an option for you.
  5. 100% Yours
    With an Own New mortgage, you will own 100% of your new home.
How does Own New Rate Reducer work?

Own New work with leading mortgage lenders to reduce the overall cost of mortgage loans on our new build homes.

  • Depending on the build stage of your chosen home, we could contribute either 3% or 5% towards your move.
  • The Weston Homes 3% or 5% contribution goes directly to your mortgage lender (via Own New). There is no cost to the home buyer.
  • It could mean lower mortgage rates and reduced monthly payments.
How much can you save?

Example savings are based on an average Weston Homes apartment price of £250,000 with a 2-year fixed term and a 5% deposit.

  • 5% deposit £12,500
  • Save £295.66 a month

For the initial period with Own New Rate Reducer you’ll have access to a mortgage rate of below 1.83% interest rate with a 5% incentive from Weston Homes on a 2-year term.

Own New Rate Reducer could be the key to your new home and you could get moving sooner than you thought.

Speak to our friendly sales team at your chosen development for further information.  They can also recommend an Independent Financial Advisor who can offer you advice regarding your personal circumstances.  Click here to explore our developments.

Terms and conditions

*Own New Rate Reducer is available on selected developments and plots only, and will include a contribution from Weston Homes of 3% or 5% of the property sales price which is passed directly to the lender (minus an Own New arrangement fee of 0.15% or 0.22% respectively) to secure a reduced mortgage rate for an initial fixed period of two or five years. After this period your mortgage rate is likely to increase.

The scheme is subject availability, lender criteria and eligibility. The lender will carry out their normal criteria and affordability assessments before any Own New Rate Reducer subsidy is applied.

Own New Rate Reducer is available on new reservations only and is subject to Weston Homes’ approval before reservation. The scheme cannot be used in conjunction with any other offers or incentives. Weston Homes reserves the right to withdraw the scheme at any time. Weston Homes is not regulated by the Financial Conduct Authority and does not offer mortgage advice. Prospective buyers should always seek independent financial advice from a regulated mortgage advisor before proceeding. Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it.

Infomation correct at time of publishing.  

How can we help you?
Do you have a question? Get in touch with our friendly team today.