Own New and Kensington Mortgages Partner to Offer Lower Rates for Specialist Borrowers

London, 4th December 2024 – Own New is pleased to announce a new partnership with Kensington Mortgages. This collaboration aims to bring flexible and competitive mortgage options to customers who may have found it challenging to secure a high street mortgage due to non-standard income or limited credit history.

With options up to 90% loan-to-value (LTV) and loan amounts up to £1 million, Kensington’s Rate Reducer mortgage will help specialist borrowers achieve affordable monthly payments on new-build properties, with lower interest rates available for the initial two or five year fixed terms.

The product specifically caters to those with non-standard income, such as self-employed workers with a 12 month income history, contract workers, and individuals with minor credit blips that are over 36 months old.

“Kensington’s Rate Reducer option offers a fresh opportunity for borrowers with complex needs, giving them the chance to secure lower monthly payments in the critical early years,” said Eliot Darcy, founder and CEO of Own New. “We are excited to partner with a specialist lender committed to improving accessibility for all new-build buyers.”

Key Product Highlights:

• Specialist Lending for New-Build Buyers: For borrowers who don’t meet high street requirements, including contract and self-employed workers with limited or no credit history.
• Reduced Rates for Initial Term: Lower monthly payments with a reduced rate for the first 2 or 5 years.
• High Loan Amounts and Flexibility to extend: Borrowing up to £1 million at 90% LTV, with a six month offer validity and option to extend for a further six months to accommodate new-build property timelines.

Considerate Underwriting: Kensington’s dedicated new-build underwriting team ensures a fast, smooth process.

“As a specialist lender, we’re proud to offer Own New Rate Reducer for either an initial 2 or 5 year fixed term” said Vicki Harris, Chief Commercial Officer at Kensington Mortgages. “Our goal is to provide a viable path to homeownership for those wishing to purchase a new build and whose unique financial circumstances may otherwise limit their options. This partnership allows us to bring lower rates to a broader range of buyers, giving them greater security and flexibility during the critical early years.”

For press enquiries please contact: [email protected]

Consider getting independent financial advice before making any financial decisions on whether Rate Reducer is right for you. Your home may be repossessed if you do not keep up repayments on your mortgage.