Allison Homes partners with Own New to help homebuyers access lower rate mortgages

Regional housebuilder Allison Homes has partnered with Own New on its new Rate Reducer scheme*, making mortgages more affordable for property seekers in the South West with rates as low as 1.87 per cent**.  

Rate Reducer is a unique mortgage that allows first and second time buyers to purchase a new build home with a lower interest rate mortgage, fixed for two or five years, and reduced monthly payments during the initial mortgage period.  

By purchasing with this rate reducer, homeseekers could access mortgage rates below 1.87 per cent** with Own New Rate Reducer.

Own New works behind the scenes with housebuilders and lenders to reduce the overall cost involved with mortgage loans on new build properties. The reduction is funded by housebuilders’ contributions towards the cost of the mortgage and enables the lender to offer borrowers more competitive interest rates during the initial period of their mortgage.

John Anderson, CEO of Allison Group, said: “Rate Reducer is a brilliant scheme that will help many property seekers achieve their dream of home ownership. We understand the challenges homebuyers have faced in recent times with rising interest rates and the cost of living crisis, which is why we are so delighted to be offering Rate Reducer to our customers.

“This scheme is a game changer and will make the homebuying process much more affordable, allowing buyers to focus on the excitement of moving into a new home and community. We are very proud to be partnering with Own New to offer our customers this helping hand.”

Eliot Darcy, founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home. With the support of our house builder partners like Allison Homes, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they can afford.”

Allison Homes currently has a range of homes available within the South West that can be purchased with the Rate Reducer scheme. To find out more and find your nearest development, visit https://allison-homes.co.uk/developments/.

For more information on Own New, visit https://ownnew.co.uk/.

*T&Cs apply.

**Full terms and conditions apply, visit https://allison-homes.co.uk/own-new-rate-reducer/. Example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with a 2 year initial period and an LTV of 75%. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your property may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it. Rates valid as of 06/03/2024.