Own New – Rate Reducer

Low-rate mortgages are back

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

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.

Depending on eligibility, we could contribute to your mortgage costs, meaning you could save on your 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?

1

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

2

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

3

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

4

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. Wain Homes is not FCA regulated and offers no mortgage advice.

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.

WHERE IS IT AVAILABLE?

View developments
Part Exchange available
3 Ready to Go

Shropshire Heights

Market Drayton, Shropshire
4 & 5 bedrooms
1 Available from £399,950
View homes
All-inclusive specification

Brookstone Walk

Glossop, Derbyshire
1 & 3 bedrooms
1 Available from £169,950
View homes

Other Ways To Buy

Own new rate reducer terms and conditions

*Example assumes a 5% incentive and is based on mortgage rates generally available, with a 2 year initial period and a loan to value ratio of 70%. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated and participating mortgage broker to access this scheme.

  1. Wain Homes will make a cash payment after completion of 3% or 5% of the purchase price of the property to Own New, which will be passed on the relevant participating lender so that they can offer a mortgage product at a rate that is subsidised from their usual product range.
  2. The percentage amount paid by Wain Homes is dependent on the mortgage product selected. The reduced rate will only be applicable for the initial mortgage term (2-5 years).
  3. This scheme is subject to status and participating lenders’ terms and conditions. Dependent on the lender’s requirements, it may not be possible for this scheme to be used in conjunction with other Wain Homes offers.
  4. Wain Homes is not regulated by the FCA and offers no mortgage advice so independent financial advice must be sought from a regulated and participating mortgage broker to access this scheme.
  5. Subject to participating lender criteria and eligibility. The lender will carry out their normal criteria and affordability assessments before any Own New Rate Reducer subsidy is applied.
  6. Mortgage offers will be made at the lenders discretion and in line with their criteria and therefore this offer does not constitute a guarantee of a mortgage offer.
  7. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
  8. Own New Rate Reducer is only available on selected developments and plots. A Sales Executive will advise customers of eligible plots.
  9. Own New Rate Reducer is available to first time buyers and existing homeowners.
  10. Own New Rate Reducer cannot be used in conjunction with any other offers or buying schemes such as Part Exchange, Movemaker, Homewise and Homereach.
  11. Own New Rate Reducer is one of many incentive schemes and purchasing options available to Wain Homes customers.