The Own New scheme, launched in February 2024, is an exciting initiative designed to make homeownership more accessible to homebuyers purchasing new build properties across the UK. Own New aims to enable homebuyers – both first time buyers and home movers – to purchase new builds with either a reduced deposit, or lower mortgage rates depending on your circumstances and the Own New product you choose to use.
As part of SevenCapital’s commitment to providing high value homes, homebuyers considering apartments at The Grand Exchange, Bracknell, can now take advantage of the new scheme.
Here, we assess the benefits of the Own New scheme.
What Does the Own New Scheme Include?
The Own New scheme offers two core products: Rate Reducer and Deposit Drop. Your mortgage broker can look at your circumstances to decide whether Own New’s Rate Reducer or Deposit Drop scheme is right for you, as you can only use one of them when purchasing a new build.
Here’s a summary of the two products:
The Rate Reducer allows homebuyers to lower their mortgage interest rates and reduce monthly repayments for the first 2 or 5 years. The property developer makes a financial contribution to the initial deposit directly to the lender – typically between 3% – 5% – which is then offset against the mortgage interest.
The Deposit Drop scheme allows homebuyers to purchase a new build property with just a 5% deposit, easing the initial financial strain for many homebuyers.
How Does it Work?
The process is very similar to the traditional buying process. After you find a new build property you love that offers the Own New Scheme, then simply arrange your mortgage with an approved Own New mortgage broker who will help determine which product is right for your individual circumstances.
The scheme is open to anyone wanting to purchase a new build property– whether a first-time buyer or a mover.
How Does the Own New Scheme Benefit Homebuyers?
Low Deposit Requirements: The scheme allows potential homeowners to secure a new build with a deposit as low as 5%, significantly reducing the upfront financial costs which have proved a huge barrier in recent years and making homeownership more attainable for those who may struggle to save for a larger deposit.
Access to Competitive Mortgages: Own New partners with different lenders and are able to offer access to exclusive mortgage deals with competitive interest rates, thereby lowering their monthly mortgage repayments for the homebuyer.
Depending on the size of the initial deposit, buyers can secure rates as low as 0.99% for a two-year fixed mortgage term, saving you thousands across the initial term.
Wide Accessibility: Numerous property developers, including SevenCapital, have joined this exciting new scheme, meaning there are a number of new build developments across the UK that are eligible. The scheme has no regional price caps, making it a versatile option for homebuyers across the UK.
Find out everything you need to know about the Own New scheme here.
New Build Property for Sale in Bracknell
The Grand Exchange, Bracknell presents a new standard of living for the thriving commuter town and homebuyers can now take advantage of the Own New Scheme, meaning lower deposits and the potential to reduce mortgage rates.
Featuring resident-only amenities such as a fully equipped gym, a co-working space, and bookable meeting and treatment rooms, The Grand Exchange sets out to redefine apartment living.
SevenCapital have recently launch a new phase of apartments after unprecedented interest from the market both on previous phases and at off-plan stage.