Mortgage rates for first-time buyers in Greater Manchester slashed by up to 3.2%
12.03.2024 - 14:45
/ manchestereveningnews.co.uk
A housing developer in Manchester is offering a bargain to potential homeowners concerned by high interest rates.
Miller Homes, which has housing developments in Northenden, Stretford and Oldham, has signed up to the 'Own New Rate Reducer' scheme, which slashes the interest rate payable on mortgages for new build homes. Purchases will still need a 10 per cent deposit, but the interest payable on the initial term of the loan could be slashed by as much as 3.2 per cent.
Though this deal is aimed at first time buyers, anyone looking to move into a newly constructed house could benefit from the Own New scheme. The founder of the scheme has even said that people who already have property equity could see the return of a sub-one per cent mortgage interest rate.
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The Own New scheme is open to anyone buying a new build home with selected housebuilders, provided they have a 10 per cent deposit. The Own New Rate Reducer mortgage is available from now on selected housing plots at Varsity Quarter in Northenden.
Eliot Darcy, founder of Own New, said: “It's great to see Own New Rate Reducer resonating so well with customers. Alongside the national lenders and housebuilders like Miller Homes who have signed up to the scheme, we believe that Own New Rate Reducer will be a significant boost to many people’s home-buying dreams.
“People can benefit from Rate Reducer whether they have a small or large deposit. For some people who already have equity in their home, it could herald the return of the sub-one per cent mortgage deal. By working together, we are increasing mortgage lending opportunities and bringing the possibility of owning a new-build home to wider range of