Own New
We are pleased to offer Own New, a scheme to provide home buyers with competitively priced mortgages, making buying a new home more affordable.
What is the Own New Rate Reducer?
Own New is a regular mortgage, just with lower monthly payments for an initial period. The scheme has launched with Halifax and Virgin Money, with more lenders expected to join soon.
Currently apartment rates start at 85% with Halifax with the cheapest rate starting at 3.62% on 2 year fixed deal. In comparison to the second hand market where you would be looking at 4.69%, so Own New is a distinct advantage!
How does it work?
Firstly, find the home you love. Then you will need to discuss your mortgage options with an approved Own New mortgage broker.
Fairview will agree to contribute 3% or 5% of the purchase price, which is sent to your mortgage lender via Own New (this is offset against the mortgage interest, so your rate falls in line with our contribution, which results in lower monthly payments for your initial term).
You will complete the rest of the new build buying process in the normal way, and once you've completed you'll own 100% of your new home.
Frequently asked questions
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.
Please speak to your local sales rep for information on which properties offer the Own New scheme.
It's not currently possible to combine the two mortgage products.
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.
Once you’ve found one of our properties you love, your local sales rep can recommend an Own New approved broker who will guide you through the mortgage application process.