Own New Rate Reducer Scheme
Own New Rate Reducer is a brand new scheme available on new build homes, that could help you achieve lower monthly payments. It's the hassle-free way to get an affordable mortgage, with reduced interest rates for your initial fixed term of 2 or 5 years.
Buy Your New Build Home with a Reduced Rate Mortgage
Available to first-time buyers and existing homeowners, Own New Rate Reducer helps you buy a new build home with a lower interest rate mortgage. It’s still a standard mortgage, with the added benefit of reduced monthly payments for the initial term.
With the Own New Rate Reducer Scheme you’ll enjoy:
Lower interest rates
Smaller monthly payments
Own 100% of your property
Make your beautiful new home a reduced rate reality, and have more to spend on the things that matter.
Find your new Persimmon homeWatch one couple discover what's possible with Own New
Save up to £385 a month on your mortgage Own New's Rate Reducer**
Here's how it works
- Find a Persimmon home you love - Browse our range of new-build homes and choose the one that’s right for you.
- Arrange your mortgage with one of our approved Own New mortgage brokers - They’ll guide you through your options and check if Rate Reducer is the right fit.
- Get up to 3% or 5% of the purchase price as a contribution - If eligible, we’ll contribute towards your mortgage to help reduce your costs.
- Enjoy a lower interest rate and reduced monthly payments - Our contribution goes straight to your lender, reducing your mortgage rate during the initial fixed term.
- Own 100% of your new home - It’s still a standard mortgage, just more affordable from day one.”
Buying a bigger family home with the Rate Reducer Scheme
When Adam and Kirsty needed a new home to suit their needs, Own New Rate Reducer helped them buy the Persimmon home of their dreams with more affordable monthly payments.
Rate Reducer unlocks the dream of a bigger family homeFAQ’S: Own New Rate Reducer
Who’s eligible to use Own New’s service? And how does it work?
This scheme is open to anyone buying a new build property including first time buyers and home movers. Own New partners with home builders and lenders behind the scenes, using a builder-funded fee to reduce the interest rate on your mortgage during the initial term.
Which properties is Rate Reducer available on?
Availability may vary by development. Please speak to your local sales rep for information on which properties offer the Own New scheme.
Who will my mortgage be with?
Your mortgage is arranged directly with the lender. Own New is the platform that sits between your broker and the lender to ensure you get a great deal.
How do I get started? How do I access this service?
- Find a Persimmon home you love
- Speak to your sales advisor, who can connect you with an approved Own New broker
- The broker will walk you through the mortgage process and check your eligibility for Rate Reducer
Looking to purchase a new build home? Start Saving with Rate Reducer
Terms and Conditions
* Example assumes a 5% homebuilder incentive and it 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 home may be repossessed if you do not keep up with your mortgage repayments. Rates valid as of 11/11/2024.
** Example based on market interest rates, with an average house price of £285,000 and an average mortgage term of 25 years. Assumes a 5% homebuilder incentive and a 2 year fix, with 75% LTV mortgage. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up with your mortgage repayments. Rates valid as of 11/11/2024.
Eligibility is at Persimmon's discretion, is subject to receiving regulated advice from an approved Own New mortgage broker and is ultimately subject to lender terms and conditions.
Purchase schemes cannot be used in conjunction with any other scheme.
