East Yorkshire-based housebuilder Beal Homes has joined a pioneering scheme which helps Beal homebuyers access lower mortgage rates and secure their dream home.
“Own New” enables buyers to purchase a new-build home with a lower interest rate and reduced monthly mortgage payments, for a fixed period.
The scheme also helps first-time buyers and home movers secure their dream new home with as little as a 5% deposit.
Beal has become the latest leading housebuilder to join the Own New scheme, as part of its commitment to helping buyers make their move and own their own new Beal home.
Beal Sales and Marketing Director Sue Waudby said: “We’re really pleased to be working in partnership with Own New to offer our buyers a reduced mortgage rate on their new Beal home.
“This scheme offers an important, additional form of support to homebuyers, as it offers access to reduced rate mortgages which would otherwise be unavailable to them.
“By teaming up with Own New we’re offering our customers a big helping hand, reducing the monthly cost of owning a new home and enabling new buyers to get onto the housing ladder with a relatively small deposit.
“Buying a new home is one of the most exciting moments in people’s lives and schemes like Own New help to make that possible for many more people.”
Own New’s Rate Reducer scheme works in the same way as a regular mortgage, but with a reduced rate for buyers.
Own New works behind the scenes with housebuilders and mortgage lenders to reduce the overall cost involved with mortgage loans on new-build homes.
The step-by-step process works like this:
1) The buyer finds their perfect home.
2) The buyer arranges a mortgage with an approved Own New mortgage broker.
3) The lender will determine which Own New scheme is right for the buyer.
4) The buyer secures the property and owns 100 per cent of their new home.
Major lenders, including Halifax and Virgin Money, have already joined the Own New scheme, with more expected to be announced in the future.
Own New Founder and CEO Eliot Darcy said: “In today’s challenging economic climate, we’ve partnered with housebuilders like Beal Homes to introduce a straightforward solution – a regular mortgage with lower monthly payments.
“This initiative is making home ownership more accessible and affordable, allowing people to pursue their dream home without compromising their financial stability.”