The Sun highlights how little-known schemes, including Own New Rate Reducer, could help buyers save thousands

New research shared by The Sun has revealed just how challenging the homebuying journey has become for today’s first-time buyers. According to Barratt Homes, 27% of buyers say finding a home within budget is their biggest hurdle, while only 12% have used a purchase scheme to help them secure a property. A further 21% struggle most with navigating different mortgage options.

To help tackle these barriers, The Sun explored five “little-known” schemes designed to support buyers with a 5% deposit, including Own New’s Rate Reducer, which is highlighted as one of the strongest affordability tools available today.

Own New Rate Reducer featured as a standout option

The article explains how the Own New Rate Reducer helps buyers access mortgage rates significantly lower than traditional products, sometimes below 1%, thanks to a developer contribution applied directly to the mortgage.

Buyers using Rate Reducer may benefit from reduced monthly payments, even over the first two or five years of their mortgage. As The Sun notes, on a £200,000 mortgage:

• Rate Reducer 2-year fixed at 1.24% = £776 per month
• Typical market rate at 4.62% = £1,125 per month

That’s a difference of around £350 a month, a meaningful saving at a time when affordability is more stretched than ever.

Rate Reducer is open to first-time buyers, home movers and returning buyers, and is available across new homes from many of the UK’s major housebuilders.

On the value of Rate Reducer:

“This is one of the most attractive schemes we’ve seen recently because it tackles the real pain point: monthly affordability.”
Nicholas Mendes, John Charcol

“By using a developer contribution to offset the cost of the mortgage, you can access rates far below the market average.”

On market challenges:

“Affordability remains a big challenge for many people – not just first-time buyers but also growing families looking to trade up.”
Adrian MacDiarmid, Barratt Redrow

On why schemes matter:

“All of these schemes can make buying more achievable, but they come with different strings attached.”
Nicholas Mendes

Why this matters now

With rising house prices, increasing mortgage rates, and ongoing uncertainty in the market, support schemes are becoming an essential route into homeownership, yet most buyers still aren’t using them. The Sun article aims to raise awareness of the tools available, especially for those with smaller deposits.

Among equity loans, deposit boosts, and key worker contributions, Rate Reducer stands out because it directly reduces monthly costs without shared ownership or equity stakes. And as Nicholas Mendes highlights, it is “simple, quick, and doesn’t involve shared ownership or equity loans.”

Read the full article in The Sun

The Sun’s full breakdown covers all five schemes in detail and highlights how buyers could access up to £25,000 in support depending on their circumstances. Read the full article here.

*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.