Market Mortgage has launched Own New, a scheme which will make competitive 95% loan to value (LTV) mortgages available to more people buying new homes.
More than 30 homebuilders have already joined the scheme with more being invited.
Own New has a range of ways to reduce a lender’s risk, making it easier for lenders to offer mortgages for new homes with low deposits.
There are no regional price caps and it is free to join. The housebuilder pays a small fee after completion to support the scheme.
Customers buying from participating housebuilders can apply for a normal 95% mortgage through the broker and lender as usual. There is no cost to the homebuyer for using Own New.
Barratt Developments was one of the first companies to join the Own New scheme.
