If higher interest rates, deposits and monthly payments are making the property market feel increasingly off limits, you are not alone. With rising mortgage rates and living costs, a high percentage of renters believe that they won’t be able to get on the property ladder. However, there is a new mortgage solution available to make buying more affordable.
By coupling low deposits with reduced monthly payments, the latest New Build Home Buying Scheme could be the answer for many first-time buyers and home movers.
Known as the Rate Reducer and Deposit Drop Scheme, this can only be delivered through specialist, approved new build brokers who have completed the training.
As it’s only available through participating ‘Own New’ lenders and homebuilders, why not let our approved team remove the hassle of shopping around and doing the research from your shoulders and get you one step closer to owning your own home?
This scheme is offered nationwide. If you’re interested, get in touch with the team at Agentis and book your free initial consultation.
Below are some of the lenders we deal with, however we have access to the whole of the market, including exclusive deals that you won’t be able to find yourself.
What Are The Benefits?
Let’s have a closer look at the positive outcomes that the scheme can provide for home buyers:
- Lower-cost mortgage: The buyer gets a reduced interest rate, which directly benefits their monthly expenses, and results in more capital being paid down in the initial term.
- More capital repaid: The lower interest rate results in more capital paid down in the initial term.
- Ideal for home movers: The scheme is also available for home movers looking to purchase a new build property.
How Does It Work?
So, how does the scheme create cheaper mortgages for borrowers? The incentive effectively part-pays the lender’s interest for the initial term.
Initially, the following incentives will be offered:
- Own New Rate Reducer 3%
- Own New Rate Reducer 5%
The incentive amount will be paid by the home builder. Other than that, it’s a normal mortgage that enables you to own 100% of your home. Both loan ranges will likely start by covering 60% to 90% of the property’s value, with fixed rates available for either two or five years.
The full breakdown of the reduced rate mortgage, including any cheque payment to you, will be included in a Rate Reducer Illustration. Your mortgage broker will also be on hand to discuss any questions you may have at any point.
What Our Customers Think
Timothy Lawrie2024-04-18I cannot praise Agentis highly enough. Service above and beyond, all done with understanding and friendly know how. AmazingAsher2024-04-18We have just received a mortgage offer on our first property & had the pleasure of Ash Hinds being our mortgage advisor. Ash was very helpful throughout the whole process & was never too busy to answer a query or concern, going over and beyond. As first time buyers we did need a lot of stuff explained to us & Ash was more then happy to do that & make sure we understood the pros & cons of different options. I would definitely recommend Ash to anyone who needs a Mortgage Advisor 5 star service!Sarah Worsley2024-04-17Ash is a fantastic broker, who empathised with my unique situation and was very supportive and encouraging. He secured a very good deal for us, and was always there to answer questions. I would highly recommend him!Agne Rusalovskytė2024-04-15Adam was very helpful as always.Jonathan Knox2024-04-15I recently had the pleasure of working with Josh at Agentis for my remortagage, and I couldn't be more impressed with the service I received. From start to finish, the entire process was smooth, efficient, and incredibly quick. Josh's expertise and professionalism were evident from our very first interaction. He took the time to understand my financial situation and goals, providing personalized guidance every step of the way. His knowledge of the mortgage industry ensured that I got the best possible deal tailored to my needs. What truly stood out to me was the speed at which Josh worked. Despite the complexities involved in securing a mortgage, he made the process seem effortless. Communication was prompt and clear, and I always felt informed and supported throughout. If you're looking for a mortgage broker who is efficient, knowledgeable, and committed to providing exceptional service, look no further than Josh at Agentis. You won't be disappointed. Thank-you.Bob Green2024-04-08Lee was great to work with, always keeping us updated and available whenever we needed. Lee often provided updates before our solicitors and estate agents. He was very knowledgeable and helped explain all steps of the process. I would 100% recommend both Lee and Agentis.Johnsy Raju2024-04-06Caren arranged our first mortgage, and she was fantastic with us! She demystified the entire house buying process for us, which can be a minefield. Caren helped us know how much we could spend on a home and how much of a mortgage we could afford, and achieve. She was able to give us a step-by-step plan, which really helped ease our anxiety. Caren also looked through home reports of homes we were looking into, to let us know of any issues that we might run into - this is very helpful, as the language can be impenetrable! We would recommend anyone looking to buy a home contacting Caren first. Thank you soomuch Caren @agentis for the wonderful help.Nesta2024-04-03We had Adam Long as our mortgage broker. He was amazing from start to finish throughout the entire process. Very good at explaining the whole process, very knowledgeable and professional. We couldn’t recommend a better mortgage advisor! Thanks Adam!Adrian Woolley2024-04-03Caren was informative, contactable and managed to get a mortgage when I feared I couldn’t. Thank you.Jodie Tyers2024-03-27Anton Sgroni was absolutely amazing at sorting out our remortgage. Any problems he sorted out straight away and was able to keep us updated along the way. This is the third time we have used Agentis and we can not fault them! Always a great service and lots of helpful advice and information is provided to get the best deal
Frequently Asked Questions
Who is eligible for a Rate Reducer mortgage?
Anyone looking to buy a new build property (subject to all the relevant checks with the lender). It is suitable for people who are both employed and self-employed and can be used to buy a new-build house or flat.
What is the difference between a Rate Reducer and a Deposit Drop mortgage?
A Rate Reducer mortgage is a regular mortgage but with lower monthly interest rates for the initial period. A Deposit Drop mortgage allows customers to get a mortgage with a 5% deposit and competitive interest rates. Both options mean the customer owns 100% of their home.
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