Own New and Gable Mortgages launch no deposit mortgage exclusively for Barratt Redrow
It covers eligible properties priced between £125,000 and £1m, subject to affordability and lending checks.
Own New partnered with Gable Mortgages to launch a no-deposit mortgage for eligible Barratt Redrow new-build buyers.
The product is initially available on selected Barratt Redrow developments in England and Wales through participating mortgage intermediaries.
It covers eligible properties priced between £125,000 and £1m, subject to affordability and lending checks.
The 5-year fixed-rate mortgage has a rate of 6.40% and is available over terms ranging from five to 35 years.
The mortgage will operate on a capital-and-interest repayment basis.
Applicants need to be at least 21 and have a minimum income of £27,780.
The threshold is £25,000 for qualifying key workers, who can also access enhanced income multiples.
Applicants are also required to have a clear recent credit profile.
Eliot Darcy, founder and chief executive officer at Own New, said: “For years, much of the conversation around housing affordability has focused on monthly mortgage payments.
“While that remains critically important, we know there are many people who can comfortably demonstrate the ability to make those payments but remain locked out of home ownership because they cannot raise a deposit.
“This partnership with Gable Mortgages represents an important evolution of Own New’s proposition.”
Darcy added: “By helping address both monthly affordability and deposit affordability, we’re expanding the ways we can support housebuilders and, most importantly, help more customers access a new home.”
Chris Eaton, co-chief executive officer at Gable Group, said: “Working with Own New has allowed us to bring our no-deposit proposition into the new-build sector through a trusted platform with strong housebuilder relationships.
“Together, we’re creating a responsible new route into home ownership for people who may previously have believed it was beyond their reach.”
Steve Mariner, sales and marketing director at Barratt Redrow, said: “We’re pleased to be the first housebuilder to make this new proposition available to eligible buyers through Own New and Gable Mortgages.
“Providing customers with greater choice and helping them overcome barriers to purchasing a home is an important part of our commitment to supporting home ownership.
“We believe this innovative proposition has the potential to help buyers who can afford monthly mortgage repayments but have previously struggled to save for a deposit.”
Mariner added: “We’re proud to support the launch and look forward to seeing the positive impact it can have for customers.”
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