Yorkshire homeowner sings praises of Own New Rate Reducer Scheme for new build homes

A Yorkshire homeowner managed to buy a brand-new home and benefit from reduced mortgage payments through a handy scheme offered by housebuilders.

Mark Bottomley, 54, a Senior Trading Controller purchased a three-bedroom property at Miller Homes’ Holmebank Gardens development on the outskirts of the Pennine village of Honley after originally beginning his new home search for a period property in the county!

“I had been renting a property in the village of Holmfirth which has some wonderful character homes,” said Mark. “However, as I began to do my research, I realised that a new home would suit my lifestyle far better, giving me guaranteed private parking, energy efficiency, low maintenance and everything being brand new!”

As Mark began to look around the Holmfirth area, he found Holmebank Gardens by Miller Homes, and as he explored the local area discovered that the development was in the perfect location.

“When I originally viewed the development, I just got a general positive feel for the area which has lots of lovely walks from my doorstep including into the village of Honley which is packed with fantastic local shops and restaurants,” said Mark. “I’d heard of Miller Homes previously so knew they were a quality housebuilder and at that point I decided to pay them a visit and see if there was anything suitable for me and my budget.”

After speaking with the Miller Homes team at Holmebank Gardens, Mark was able to reserve a three-bedroom home that was already built and specified with selected upgrades in the property.

Mark already had a deposit to place against his new home and was therefore able to take advantage of the innovative Own New Rate Reducer scheme which uses the builder incentive (typically 3% or 5% of the house value) to reduce a buyers monthly mortgage payments for the initial term.

For example, based on an average house price of £350,000 and an average mortgage term of 35 years, savings of up to £472 per month on mortgage payments are available with Own New Rate Reducer. This assumes a 5% incentive from the homebuilder with a 2-year fixed rate and 75% loan-to-value. (rates valid 14/11/24)

Mark added; “Own New worked perfectly for me and gave me a little bit of a comfort blanket for the first two years, giving me more money each month towards setting up a new home which can be expensive.

“For anyone who has at least a 5% deposit saved it really is a win-win scheme and one which I would wholeheartedly recommend that new home buyers fully explore.

“I found the whole house buying experience with Miller Homes very good and would recommend a new build to anyone looking for an energy efficient home and in a great location like Honley, I really enjoy living in my new home at Holmebank Gardens.”

The sales centre at Holmebank Gardens is open each Thursday to Monday from 10.30am to 5.30pm. Homes currently available include a range of three-, four- and five-bedroom properties. Prices currently start from £379,995,

Holmebank Gardens is located at Woodhead Road, Honley, HD9 6PR.

Further information about all offers and plots available can be found by visiting https://www.millerhomes.co.uk/new-homes/yorkshire/holmebank-gardens.aspx

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, equity loan and other loans secured against it.