Own New Deposit Drop
Whether you’re buying a house or an apartment, Own New Deposit Drop can provide access to mortgages of up to 95% with competitive rates.
Have you heard about Own New Rate Reducer?
If you're looking for lower mortgage rates, you might like Rate Reducer, another exciting product from Own New.
Find out how to get an affordable mortgage on your new home, with Rate Reducer.
Own New Rate ReducerOwn New Deposit Drop plugs the gap left by the withdrawal of Help to Buy, bringing 95% mortgages to new build houses and apartments in the UK.
How it works
Own New works with house-building companies, mortgage lenders and investment banks to reduce the risk for the lender, enabling better mortgages for new builds to a broader range of people.
As a buyer, you apply for a normal mortgage through the lender's usual process. When you apply you'll be assessed for the scheme based on your ability to make the repayments which means that, even if you are self-employed, have previously been furloughed or don't yet have a credit rating, you can still be accepted for a standard mortgage.
This works because Own New reduces the lender’s risk behind the scenes, thereby facilitating these mortgages. The housebuilder pays a fee on completion of the sale, and there's no cost to you as the homebuyer for using the scheme.
FAQs
Who can use it?
The scheme is open to first-time buyers and people who have previously bought a home, including those purchasing higher-value properties. You don’t need a large deposit or the ‘bank of mum and dad’ to fund your purchase, and you will own 100% of your new home.
Which homes can it be used on?
This offer is available on selected developments and plots only, subject to status and availability.
Can it be used in conjunction with other schemes?
This offer can be used in conjunction with other Persimmon Homes offers.
What do I do next?
If you're interested in using the Own New Deposit Drop scheme on a new Persimmon home, search for your new home here and contact us today.
