On Monday 26 February, we launched the Own New Rate Reducer Mortgage
We’re delighted to announce the launch of the new Own New Rate Reducer Mortgage, designed specifically for new-build customers. We’ve partnered with Own New to deliver this innovative, market-first mortgage, with Virgin Money exclusive rates available for eligible brokers from Monday 26 February.
How it works
The Own New Rate Reducer Mortgage does something different for customers. Where builders usually offer incentives like upgrades or cashback, instead - they invest this back into the mortgage to help lower the interest rate during the fixed-rate term.
We’ve been working closely with Own New and Barratt Homes, who’ll be the first housebuilder to launch the scheme, followed by Persimmon, Taylor Wimpey, Bellway and Berkeley Homes.
Take a look at our Own New Zone for more information>
Own New Rate Reducer
The following new build residential purchase products launched on Monday 26 February with a £495 fee and £250 cashback, all with a 5% builders’ incentive:
- NEW 60% LTV Own New Rate Reducer Mortgage 2 Year Fixed at 0.99%
- NEW 75% LTV Own New Rate Reducer Mortgage 2 Year Fixed at 1.83%
- NEW 60% LTV Own New Rate Reducer Mortgage 5 Year Fixed at 2.95%
- NEW 75% LTV Own New Rate Reducer Mortgage 5 Year Fixed at 3.37%
- NEW 90% LTV Own New Rate Reducer Mortgage 5 Year Fixed at 3.78%
Standard new build policy and affordability assessment will apply.
What else do you need to know?
These products are for experienced new build brokers. Brokers will also need an accreditation with Own New too - it’s a quick and straightforward process - visit Own New’s website to get started.