Housebuilder Bellway has partnered with Own New to make mortgages more affordable to people purchasing new homes in Yorkshire.

A new mortgage product, Own New Rate Reducer, could see buyers of new-build Bellway homes in the region benefit from interest rates below 1.00 per cent. It will also be available at developments built by Ashberry Homes, which is part of the Bellway Group.

Melanie Smith, sales director said: “It’s an exciting time for anyone looking to purchase a Bellway home. Here at Bellway, one of our key priorities is putting customers at the heart of what we do. We have a range of incentives available to our customers. Our partnership with Own New on the Rate Reducer product will have a positive effect on affordability for our customers, giving them access to as many ways to purchase as possible, making it easier for more people up and down the country to move.

“Regardless of deposit size, the positive benefits will be felt by homeowners each month as their monthly outgoings are lessened.”

“Rate Reducer is suitable for any type of buyer, whether looking for their first home or to move into a larger property. We would encourage anyone thinking about purchasing a new home in Yorkshire to get in touch with us to find out more about the scheme.”

Own New Rate Reducer is funded by housebuilders. Under the scheme, Bellway will pay a three or five per cent subsidy direct to the lender, minus an arrangement fee to Own New, which will be offset against the mortgage interest rate to reduce payments for the first two or five years.

The product will be available across the country and was launched earlier this month with national lenders Virgin Money and Halifax.

Eliot Darcy, founder of Own New, said: “Our ethos is to make home ownership and mortgage lending in this country open to more people and we are confident that the Own New Rate Reducer will achieve that.

“It has the potential to stimulate the housing market and to give more people a helping hand, whether it be the initial boost to get onto the property ladder or to secure that new home that will give them the extra space they need.”

Eliot set up Own New having felt frustrated when in the process of buying his first home. His aim was to create a more accessible system of mortgage lending for future new-build buyers.

The Own New Rate Reducer is available on selected plots at the following Bellway developments in Yorkshire:

  • South Cave – Barleycorn Way
  • Anlaby – Tranby Park
  • Beverley – Pilgrim’s Way (Ashberry Homes) and Bishop’s Gate (Bellway)
  • Brough – Palmer’s Grange
  • Driffield – Wolds View
  • Kirk Ella – Parson’s Croft
  • Skelton – Castlegate (Yorkshire admin site – not in Yorkshire)
  • Skipton – Clifford Gardens
  • Snaith – Penny Way
  • Swallownest – Millstone Park
  • Retford – Longholme Park (Yorkshire admin site – not in Yorkshire)