SPS work with builders and developers who offer the Own New Scheme, which allows buyers of new homes the opportunity to buyers to access more affordable mortgages from leading lenders via the Own New Specialists at Archie John Financial.
Get a head start on owning your new build home. Rate Reducer is a scheme that lowers your initial mortgage interest rate, thanks to a contribution from the home builder to your lender.
Home builders contribute (typically 3-5%) to your lender, reducing your interest rate for an initial period.
This isn't shared ownership. Enjoy lower payments and full ownership of your new home immediately.
Ideal for first-time buyers and existing homeowners looking for a new build property.
Over 160 participating home builders and more than 1,000 developments with Rate Reducer.
With access to a wide panel of specialist lenders, we can source competitive rates, flexible terms, and solutions tailored to both residential and commercial needs, whether regulated or unregulated.
Give our team a call on 0161 529 9922 to discuss your requirements and we are normally able to secure initial terms for your project the same day
No, absolutely not. With Own New Rate Reducer, you own 100% of your home from day one, just like a standard mortgage. The scheme simply helps reduce your initial interest rate and monthly payments.
The home builder provides a financial incentive (typically 3-5% of the property value) directly to the mortgage lender. The lender then takes this incentive into account and offers you a mortgage product with a lower interest rate for an initial period.
Rate Reducer is only available through approved brokers, as they are specially trained on the scheme and can guide you through the specific products available. Speak to our approved team at Archie John Financial. Approved brokers are independent, FCA regulated firms who have been trained on the specifics of the Rate Reducer scheme.
After the initial fixed term (e.g. 2 or 5 years) when the reduced rate ends, your mortgage will typically revert to the lender's Standard Variable Rate (SVR) or another follow-on rate specified in your mortgage offer. As with any mortgage, you are free to remortgage to a new deal before this happens.
The scheme is only available on specific plots offered by participating home builders. You should always check with the home builder's sales team to confirm if Rate Reducer is offered on the home you are interested in.
In addition to any cash back that your lender may offer, you may also be eligible for Own New Cash Back depending on your deposit and loan size. An approved broker can tell you if this may apply for you. In the event that it does, we pay Own New Cash Back via bank transfer the month after you complete the sale of your house.
No, your mortgage will be provided and administered by a participating lender just like any other standard mortgage. Own New work behind the scenes with your lender and home builder to reduce your interest rate.
