Furness Building Society has announced a partnership with Own New, presenting lower-rate mortgages to buyers of new-build homes under the Own New Rate Reducer scheme.
This program takes advantage of housebuilder incentives to cut mortgage interest, effectively reducing monthly payments for buyers over fixed periods.
The building society has released three new two-year fixed-rate mortgage products under the scheme, with rates of 2.11% at up to 80% loan-to-value (LTV) and a £995%, 2.66% up to 90% LTV with a £995 fee, and 3.56% up to 95% LTV without a fee.
These mortgages, offered exclusively through registered brokers, are accessible to a range of buyers including first-time buyers and home movers. Brokers will manage the application process in the usual way, with applicants undergoing a standard affordability assessment by Furness’s underwriting team.
Alasdair McDonald, head of intermediaries at Furness Building Society, said: “As one of the first lenders in the UK to participate in the Own New Rate Reducer scheme, we are pleased to be helping brokers empower their customers to take their first step onto, or next step up, the property ladder sooner than they had anticipated.
“By offering Own New Rate Reducer mortgages at Furness, we are equipping our intermediary partners with the means to unlock the dream of a new home for many more buyers.”
Eliot Darcy, founder of Own New, added: “It is great to welcome Furness Building Society on board with the Own New Rate Reducer scheme.
“We’re particularly pleased that Furness is the first lender to offer Own New Rate Reducer with a 95% mortgage, which will make this innovative scheme accessible for buyers with lower deposits.”
