Buy a new build home with Own New Rate Reducer

Higgins Homes have partnered with Own New to offer our buyers some of the most competitive interest rates around with the Own New Rate Reducer.

Own New Rate Reducer can provide homebuyers with more affordable monthly mortgage payments, making it easier for first-time buyers and existing homeowners to purchase their dream home.

Smaller monthly payments
Lower interest rates
Own 100% of your property

Get moving sooner - Whether you’re a first-time buyer or a current homeowner, Own New means you could buy the new home you want much earlier than you thought. Purchasing with a lower deposit means you don’t have to spend years saving or building equity before you can move home.

How it works

Find one of our properties you love
Arrange your mortgage with one of our approved Own New mortgage brokers. They’ll help you determine if Own New's Rate Reducer is right for you.
If it's suitable, we could contribute up to 5% of the purchase price of your chosen home
Our contribution is paid directly to the mortgage lender, (through the 3rd party Own New) unlocking lower interest rates and lower mortgage payments for your initial term
Own 100% of your new home

Developments offering the Own New Rate Reducer scheme

London SE16

Ecole

Citipad, 1 and 2 bedroom apartments

London SW18

The Garratt Collection

4 bedroom townhouses

Mortgage rates below 1.8% available with Own New Rate Reducer

Example assumes a 5% homebuilder incentive and is based on the mortgage rates available in the market, with a 2 year initial period and LTV of 80%. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home maybe repossessed if you do not keep up mortgage repayments. Rates valid as of 01/11/2024.

Options to reduce mortgage interest rates by up to 2.99% through Own New Rate Reducer

Frequently Asked Questions

What properties are Rate Reducer available on?

Developments that offer the Own New Rate Reducer scheme are shown at the bottom of the page and is available on selected plots

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.

It’s also the perfect solution for people with low deposits or more complex financial circumstances. For example, if you are self-employed, have previously been furloughed or are still building your credit rating, you can still be accepted for a standard mortgage.

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.

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.

What does it cost?

There is no cost to the homebuyer for using Own New. Your home builder pays a small fee on completion of the sale.

The arrangement reduces a lender’s risk, enabling them to offer competitive low deposit mortgages on newly built properties.

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.

Own New enables lenders to offer mortgages at economical rates. You get a standard mortgage which is arranged directly with the lender in the usual way. When you apply for your Own New mortgage, you will be assessed based on your ability to make the repayments. Once accepted, you go on to own 100% of your new home.

Please check regarding specific availability and the terms & conditions that apply.

With Own New Rate Reducer, 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

Terms and Conditions*

*Own New Rate Reducer is available on selected developments and plots only, subject to availability and will include a housebuilder contribution of 3% or 5% of the house asking price which is passed directly to the lender (minus an Own New arrangement fee of 0.15% or 0.22% respectively) to secure a reduced mortgage rate for an initial period of 2- or 5-years fixed. After this period your mortgage rate is likely to increase.

Subject to lender criteria and eligibility. The lender will carry out their normal criteria and affordability assessments before any Own New Rate Reducer subsidy is applied.

A percentage fee of 0.22% of the house price is subtracted from the 5% housebuilder contribution (0.15% if the contribution is 3%) and goes directly to Own New as their arrangement fee.

Applicable on new reservations only. Cannot be applied in conjunction with any other offers or selling schemes. We reserve the right to withdraw this offer at any time.

Higgins Homes is not regulated by the FCA and offers no mortgage advice. Customers must take advice from a regulated mortgage adviser before proceeding.

Your property may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.

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