Leek Building Society partners with Own New to offer innovative Rate Reducer mortgages

Leek Building Society is excited to announce a new partnership with Own New. This collaboration will enable the Building Society to offer the innovative Own New Rate Reducer mortgage through approved brokers, providing a flexible and affordable path to homeownership.

The Own New Rate Reducer mortgage is a unique product designed to lower interest rates and reduce monthly repayments for the initial fixed-rate term.

Leek Building Society has multiple standout features in its approach to lending including: 

• 95% LTV for new build houses and flats
• Family gifted deposits accepted
• Reduced early repayment charges
• No credit score – credit search based approval
• High LTV with thin credit files accepted
• Automated DIP through to application via MSO system (soft footprint at DIP stage)

How it works:

Housebuilders typically offer up to 5% of the value of the property as an incentive to buyers, such as cashback or as a deposit contribution, to people buying new-build homes. For Own New Rate Reducer mortgages, this is instead invested into the mortgage to lower the interest rate during the fixed-rate period, unlocking a more affordable mortgage with lower monthly repayments for the initial term.

“Our Own New Rate Reducer product is a game-changer for those looking to buy their dream home” said Helen Wainwright, Director of Lending at Leek Building Society. “With lower initial rates, it’s a more affordable way to step onto the property ladder. We’re thrilled to be working with Own New on this innovative initiative.”

Eliot Darcy from Own New added, “We’re thrilled that Leek Building Society is now offering Rate Reducer mortgages. This opens-up Rate Reducer to more people with a bigger range of circumstances, including people with a 5% deposit buying a new build flat. Our goal is to make buying a new home more affordable for everyone, and this partnership allows us to bring real, tangible savings to buyers across the country.”

For more information about the Own New mortgage and how to apply, please visit https://www.leekbs.co.uk/intermediaries/own-new-mortgages/ or contact Leek Building Society Intermediaries Team on 0808 2819 309.

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.