Wain Homes Launches Reduced Mortgage Rate for Buyers

Wain Homes Launches Reduced Mortgage Rate for Buyers

Wain Homes is helping more people buy their perfect new home with an innovative scheme offering a mortgage interest rate of under 1%* – dramatically cutting monthly payments.


The Own New Rate Reducer initiative has been developed in partnership with high street lenders and is available both for people moving up the property ladder as well as first time buyers.


Wain Group managing director Jim Wood, said: “This is great news for buyers who want all the benefits of buying a new build home with the best mortgage affordability.


“It is extremely pleasing to work in partnership with Own New and offer Rate Reducer to our customers – giving them access to highly competitive mortgage deals which make purchasing one of our new homes even easier.”


The way it works is simple.


When buyers have found a property they want, Wain Homes will make a contribution which is then used by Own New Rate Reducer to offset directly against the mortgage interest to reduce the rate and monthly payments.


Buyers own 100% of their home and it’s a regular mortgage just with lower monthly payments for an initial period of between two – five years.


For example would be buyers could enjoy savings of up to £397 per month on mortgage payments with Own New Rate Reducer*.


Lenders will still carry out their usual affordability assessment, to check that the purchaser can afford repayments if the interest rate increases once the fixed-term benefit ends. Independent financial advice must also be sought from a regulated mortgage broker who has completed additional training to access this scheme.


Eliot Darcy, founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home. With the support of our house builder partners like Wain 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.”


Wain Group MD Jim Wood added: “Own New Rate Reducer will be available on the majority of developments in across the North West, South West and Severn Valley regions and customers can get detailed information from our sales consultants on site.”


Find your kind of perfect for less here.


*Selected homes only. T&Cs apply. Example based on market interest rates, with an average house price of £329,000 and an average mortgage term of 25 years. Assumes a 5% homebuilder incentive and a 2 year fix, with 60% LTV mortgage. 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 your mortgage repayments. Rates valid as of 16/04/2024.