Own New - Rate Reducer

Reduce your interest rate by up to 3.98% with Own New - Rate Reducer*

We have partnered with Own New to bring you a simpler, hassle-free way to get an affordable mortgage on a new build property. You get a normal mortgage and own 100% of your home.

What is Own New - Rate Reducer?

Own New - Rate Reducer is a brand new scheme exclusive to new build homes only that could mean lower mortgage rates and reduced monthly payments, whether you're a first time buyer or an existing homeowner.

It's a regular mortgage, just with cheaper monthly payments for the first 2-5 years. Own New's Rate Reducer makes your beautiful new home a reduced rate reality.


How does it work?

Once you’ve found your new home, check with our Sales Executive whether it qualifies for the Own New Rate Reducer scheme.

We could then contribute either 3% or 5% of the purchase price towards your move - depending on the build stage of your Wain home.

This incentive contribution goes directly to your new homes mortgage lender via Own New.

Your mortgage rate could be reduced by up to 3.98%* and your mortgage repayment could be reduced by up to £411* during the initial period (2-5 years).


Who’s eligible to use Own New’s service? And how does it work?

This scheme is open to anyone purchasing a new build property including first time buyers and home movers. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term. 

Is Rate Reducer available on all Wain homes?

Please speak to your Sales Executive for information on which homes are available under the Own New scheme.


Who will my mortgage be with? 

Your mortgage is directly with the lender. Own New is the platform that sits between your broker and the lender to ensure you get a great deal.


How do I get started? How do I access this service?

Once you’ve found your kind of perfect, your Sales Executive can recommend an Own New approved broker who will guide you through the mortgage application process. 


Is it right for me?

Own New Rate Reducer is just one of the ways you could use our 3% or 5% incentive. Speak to a Sales Executive for more information.

If you find that Own New Rate Reducer isn't quite right for you, don't worry, we have other buying schemes available such as Movemaker, Part Exchange, Homereach and Homewise.


To read the fine print, please see our full terms and conditions.


*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 14/05/2024.

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