Buy with a small deposit, now
You can buy your own home based on your earnings – you don’t need a ‘bank of mum and dad’ or a deposit that takes years to save and you own 100% of the home.
Own New enables access to low deposit mortgages with competitive rates.
You don’t need a large deposit or the ‘bank of mum and dad’, and you will own 100% of your new home.
The scheme is open to first-time buyers and people who have previously bought a home, including those purchasing higher-value properties and those purchasing a house or an apartment.
When you apply for your Own New mortgage from a participating lender, you will be assessed based on your ability to make the repayments.
With Own New, you arrange your mortgage directly with the lender in the usual way. Once accepted, you go on to own 100% of your new home.
Own New works behind the scenes. For you, this is a standard mortgage directly from the lender, with competitive rates.
Own New reduces a lender’s risk, enabling them to offer competitive low deposit mortgages on newly built properties.
There is no cost to the homebuyer for using Own New. Your home builder pays a small fee on completion of the sale.
The scheme will make owning a new home a possibility for many more people, including those who may otherwise be penalised through no fault of their own. If you are self-employed or are still building your credit rating, you can still be accepted for a standard mortgage.
Own New is increasing the availability of affordable mortgages for new homes for buyers with a small deposit.
It is easy to use for everyone involved:
Are you looking to buy a new build property? Register below to hear when 5% deposits are available in your area.
You can buy your own home based on your earnings – you don’t need a ‘bank of mum and dad’ or a deposit that takes years to save and you own 100% of the home.
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