Article published by Penn Financial: Own New is a scheme designed to make it easier for somebody to purchase a new build home by way of a mortgage. The scheme was launched in February 2024.
Who can benefit from this new scheme?
Anyone interested in buying a newly built property.
How does it work?
The scheme provides buyers with reduced interest rates for the initial term of their mortgage, typically this means the first 2 or 5 years. These rates are lower than the market average, made possible by developers contributing 3% or 5% of the purchase price towards the home. Developers offer this incentive to entice buyers, which may include covering stamp duty or upgrading fixtures and fittings. Consequently, buyers enjoy discounted mortgage interest rates during the specified initial period.
Are all lenders participating in this scheme?
No, only select lenders offer this type of mortgage, meaning applicants must meet specific criteria to qualify.
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The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.