The Own New Rate Reducer mortgage
Brokers, builders and buyers are now united! With Own New's new mortgage product, builders of new build homes can make a payment to Virgin Money, in exchange for lower interest rates for their buyers.
Perfect for new build buyers
Builders regularly offer customers an incentive to complete the sale of a new build property. This proposition enables the builder to invest this incentive into the mortgage offered to your customer, resulting in a lower interest rate during the fixed rate incentive period. Visit Own New to see all participating builders.
The Own New incentive should not be declared as a builders deposit, the amount of the Own New incentive should be input as a cash incentive amount.
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See our available rates and how we can support your customer. Alternatively, contact your BDM to talk through any queries.
See our rates Link opens in a new windowQuestions and answers
Customers purchasing a new build property via a participating builder can apply for one of these products. The scheme is open to both first time and next time buyers.
The bank's usual lending criteria for new builds will apply and the customer will be subject to our standard affordability checks.
Customers can choose to use a builder's incentive to access an exclusive mortgage product, which will help reduce their monthly payments.
The Own New incentive should not be declared as a builders deposit, the amount of the Own New incentive should be input as a cash incentive amount.
Customers will receive a letter of acknowledgement, including a personalised illustration of how monies paid by the builder will be used, including details of the fee paid to Own New for administering the scheme. This document must be provided to the lender to prove eligibility to the Own New Rate Reducer product.
The Own New site shows a list of all broker firms that are participating in the Own New Rate Reducer Proposition.
The Own New site shows a list of all house builders that are participating in the Own New Rate Reducer Scheme.
When you’re ready to apply for an Own New Rate Reducer product on behalf of your client you can do this using Virgin Money Online where you can also produce an ESIS.
Please remember your client must have confirmed with their builder that they’re eligible for the Own New Rate Reducer product. They will receive a Letter of Acknowledgement as proof of eligibility. You will need to provide this and the Rate Reducer Illustration as part of your application.
No, not at this stage. This is something we hope to introduce in the future.
Your firm must be on the panel of the participating builder that the customer is buying a home from. Contact your club / network to support you in doing this if you’re not already on the developer’s panel.
You must be accredited by Own New before you can advise a client on the Rate Reducer Mortgage and submit an application to a lender. You can find out more in the Own New Broker Hub Link opens in a new window
Finally, you must be on the Virgin Money broker panel.
Yes, your customer would be able to port one of these products to another property in the future (either a new build or non-new build property).