"Furness is the first lender to offer Own New Rate Reducer with a 95% mortgage, which will make it this innovative scheme accessible for buyers with lower deposits."
- Eliot Darcy, founder of Own New
Furness Building Society has joined forces with Own New to provide lower mortgage rates for new build home purchasers.
The Own New Rate Reducer scheme uses the incentives offered by housebuilders and offsets them against mortgage interest, reducing the buyer’s monthly mortgage payments for a fixed period of two or five years. The scheme was launched last month, and more than 250 housebuilders are now registering.
Furness has launched three two-year fixed-rate Rate Reducer mortgage products, starting from 2.11% up to 80% LTV and 2.66% at 90% LTV, both with a £995 fee. A fee-free 95% LTV product is also available at 3.56%.
Arranged exclusively through brokers, the mortgages are available for both first-time buyers and home movers, including people purchasing higher-value properties.
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. The principle behind the initiative is a very simple one – to introduce a regular mortgage with lower rates to help more people either buy their first home or make the move they need to a different property.
“We’re particularly pleased that Furness is the first lender to offer Own New Rate Reducer with a 95% mortgage, which will make it this innovative scheme accessible for buyers with lower deposits.”
