Story Homes has partnered with Own New Rate Reducer to give first time buyers and home movers access to some of the most competitive interest rates on the market.
With lower mortgage rates available with Own New Rate Reducer*, you can reserve a Story home and enjoy lower monthly payments. That’s more money to spend on the things you love doing or furnishing your new home.
Example savings are based on an average Story home price of £310,000, a 10% customer deposit with a 3% incentive from Story Homes, over a 2-year fixed rate period on a 35-year term.
Story Homes provides a financial contribution of either 3% or 5% of the purchase price of your home directly to your lender, allowing you to unlock lower mortgage interest rates over a fixed two or five-year period through Own New Rate Reducer.
We will put you in touch with a specialised Own New mortgage broker who will advise whether Own New Rate Reducer is right for you.
All you will need is a minimum 10% deposit and you will own 100% of your home.
Get in touch with one of our Sales Executives to discover which plots and developments are eligible for the Own New Rate Reducer scheme.
This scheme is open to anyone purchasing a new build property including first time buyers and home movers. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term.
Please speak to your local sales rep for information on which properties offer the Own New scheme.
It’s not currently possible to combine the two mortgage products.
Your mortgage is directly with the lender. Own New is the platform that sits between your broker and the lender to ensure you get a great deal.
Once you’ve found one of our properties you love, your local sales rep can recommend an Own New approved broker who will guide you through the mortgage application process.
Own New Rate Reducer is available on selected plots and developments only and will include a housebuilder contribution of 3% or 5% of the list price which is passed directly to the lender (minus an Own New arrangement fee of 0.15% or 0.22% respectively) to secure a reduced mortgage rate for an initial period of 2 or 5-years fixed. Customers must take advice from a regulated mortgage adviser before proceeding. Own New Rate Reducer cannot be used in conjunction with any other offer.
*Example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with a 2-year initial period and an LTV of 75%. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home maybe repossessed if you do not keep up your mortgage repayments. Rates valid as of 06/03/2024.
^Example based on market interest rates, with an average house price of £310,000 and an average mortgage term of 35 years. Assumes a 3% homebuilder incentive and a 2-year fix, with 90% LTV mortgage. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 06/03/2024.
