How does the own new scheme work?
- CG Fry & Son gives a financial contribution of up to 3% of the purchase price directly to your mortgage lender, enabling you to unlock lower mortgage interest rates over a fixed two- or five-year period through Own New Rate Reducer.
- The Own New Scheme allows you to own 100% of your home with a minimum of 5% deposit.
- We will put you in contact with an accredited independent broker who has been specially selected to give advice on the Own New Rate Reducer scheme, finding you the best product.
- For further information, speak with our experienced Sales Negotiators to find out which developments and select homes are eligible for the Own New Rate Reducer scheme and choose the perfect home for you.
Own Rate Reducer FAQ’S
Who’s eligible to use Own New’s service? And how does it work?
This scheme is open to anyone purchasing one of our selected homes including first time buyers and existing homeowners. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term.
What properties is Rate Reducer available on?
Please speak to our Sales Negotiators for information on which selected properties the Own New scheme will apply to.
Who will my mortgage be with?
Your mortgage is directly with the lender. Own New is the platform that sits between your broker and the lender to ensure you get a great deal.
Can I use Rate Reducer for a second property purchase?
No, it can only be used on a property that will be your permanent residence and not to purchase a second property or for an investment.
How do I get started? How do I access this service?
Once you’ve found one of our properties you love, our Sales Negotiator can recommend an Own New approved broker who will guide you through the mortgage application process.