Buy a new build home with Own New Deposit Drop

Higgins Homes have partnered with Own New to help our buyers with reduced deposit mortgages and access to competitive rates through the Own New Deposit Drop scheme.

Own New Deposit Drop is a scheme that provides 95% mortgages for new-build apartments, currently available at our Ecole development in London SE16. Designed to help home buyers, the scheme is designed to make it easier for a wide range of people to access affordable mortgages for their new home.

  • Purchase price maximum of £500,000
  • 5% deposit
  • Competitive rates
  • Own 100% of your property

Made with customers in mind, the scheme is designed to offer more affordable mortgages to a wider range of people, no matter your circumstances.  With an Own New Deposit Drop mortgage, you are assessed based on your ability to make repayments, meaning you can still be accepted for a standard mortgage with no regional price caps, even if:

  • You are self-employed
  • You have multiple sources of income
  • You have previously been furloughed
  • You don’t yet have a credit rating

How it works

  1. Find one of our properties you love
  2. Arrange your mortgage with one of our approved Own New mortgage brokers. They’ll help you determine if Own New's Deposit Drop is right for you.
  3. Get your new Higgins Home with just a 5% deposit.
  4. Own 100% of your new home

Developments offering the Own New Deposit Drop scheme

London SE16

Ecole

Citipad, 1 and 2 bedroom apartments

Frequently Asked Questions

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

Once you’ve found one of our properties you love, speak with our friendly Sales Executives who can recommend an Own New approved broker who will guide you through the mortgage application process, with no additional cost to you.

Do I have to be a first time buyer?

No, the scheme is available to both first-time buyers and existing homeowners.

What properties are Own New Deposit Drop available on?

Own New Deposit Drop is currently available on properties up to £500,000 at Ecole in London SE16. Details are available further down this page.

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.

With Own New Deposit Drop, is anything different to the normal mortgage process?

There is one small and simple addition to the normal process. A “Letter of Acknowledgement” must be sent from the developer to the buyer and broker, to be passed to the lender, before a mortgage offer can be made. Our Sales Team can arrange this for you.

Is it possible to combine Rate Reducer and Deposit Drop?

It's not currently possible to combine the two mortgage products.

What buyers say about Own New

“Although we have good jobs and have both had salary rises and can afford to pay a mortgage, we only had a small deposit and most deals were for a deposit of 10 per cent or more ... we would not have been able to buy it without the help of the Own New five percent mortgage. We are so grateful. ”

Lee and Caroline Gunning - Family of 4

“The deal we have got will see us pay £1,050 a month on the mortgage for our own three- bedroom house while the flat we were sharing in Newcastle city centre was costing £1,200 a month to rent.”

Jack Williams and Jacob Clar - Young couple buying their first home

*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Terms and Conditions apply. A minimum of 5% deposit is required. The Own New Deposit Drop scheme is available with the purchase of a new home through participating developers only, subject to terms and conditions.

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