Own New Rate Reducer
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.
Mortgage rates below 2%* available through Own New Rate Reducer
Available to first time buyers or existing homeowners, Rate Reducer lets you buy a new build home with a lower interest rate mortgage. It’s a regular mortgage, just with lower monthly payments for the initial period.
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 homeSavings of up to £385 per month on mortgage payments available with Own New Rate Reducer**
How does it work?
1. Find one of our properties you love
2. Arrange your mortgage with one of our approved Own New mortgage brokers, who will help you determine if Own New's Rate Reducer is right for you
3. If it's suitable, we could contribute up 3% or 5% of the purchase price of your chosen home
4. This is then paid directly to the mortgage lender, meaning you'll get a lower interest rate and lower mortgage payments for your initial term
5. Own 100% of your new home!
FAQ’S
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 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.
What properties is Rate Reducer available on?
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 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?
Once you’ve found one of our properties you love, your sales advisor can recommend an Own New approved broker who will guide you through the mortgage application process.
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.
