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Own New Rate Reducer

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Could Own New be the perfect match?

If your client is looking to buy a new build home, ‘Own New’ could be the perfect match.

Own New is an initiative that brings home builders and lenders together to help more people secure a new build home – and we’re proud to be part of it.

The scheme helps to create reduced rate mortgages for new build homes. It is funded by housebuilders, who pay a small fee on completion of the sale. There is no cost to the homebuyer.  This means your client can get a normal mortgage and own 100% of their home.


Customers buying a new build property from a participating developer can apply for this mortgage. You can find out which builders are participating here.

The scheme is available to first-time and next-time buyers.

Customers buying a property from a participating developer can get access to our exclusive mortgage product, which offers them a lower rate.

Perenna offers Own New on terms of 25 years or more, above 60% LTV. Customers will receive a discount of 50bps compared with our standard rates. And because the rate is fixed for the full mortgage term, it means your customers benefit from the reduced rate for the full term too. No teaser rates here!

Plus, they’ll receive all the usual benefits of a Perenna mortgage, meaning they can enjoy:

  • Increased borrowing power - borrowing up to 6 times income, subject to criteria
  • Monthly payments that don’t change
  • Short early repayment charge to give flexibility
  • No maximum age caps, giving more options in later life
Your customer will receive a letter of acknowledgement from the developer, plus a personalised Own New illustration confirming their property is part of the Own New scheme. This needs to be provided to Perenna to prove their eligibility for our Own New Rate Reducer mortgage.

All Own New mortgages can be offered by approved Own New brokers only. If you’re not already on the panel, you can visit Own New to find out how to be added.