Own New Rate Reducer is a scheme where the builder puts money towards a lower mortgage interest rate instead of taking it off the price. The lower rate lasts for the initial period of the mortgage.
First-time buyers and movers buying a new-build home from a builder that offers the scheme on that development, and sometimes on that specific plot. The mortgage comes from the scheme’s partner lenders, whose own criteria apply.
The builder pays an incentive to the lender, which uses it to reduce your interest rate for the initial mortgage period. Your monthly payments are lower during that period, while the price you pay for the home stays the same.
When the initial period ends your rate moves to whatever you can get then, so plan for higher payments. Compare the monthly saving with what the same incentive would do as a reduction in price, and use the rate reducer calculator to see both.
Each rule in its primary source's own words, with the date it applies from.
The builder must offer Own New on this development, and sometimes on this specific plot.
. Start date: the source states no date, so this is the day we read it.Availability depends on the builder, the development, and sometimes the specific plot, so be sure to search the map, or ask your homebuilder if it is available.
The home must be a new build from a participating builder.
. Start date: the source states no date, so this is the day we read it.Find a participating new-build home.
The builder’s contribution lowers a mortgage rate, so the purchase must use a mortgage.
. Start date: the source states no date, so this is the day we read it.Own New Rate Reducer uses a builder incentive equal to 5% of the purchase price to reduce your mortgage interest rate during the initial mortgage period.
It is open to first-time buyers and movers; the lender’s own criteria apply.
. Start date: the source states no date, so this is the day we read it.The scheme is available to all types of buyers, both First Time Buyers and Home Movers. However, the mortgages are offered by our partner lenders, and their lending criteria will apply.
Answer what you know. Each rule is checked against your answers, and anything left blank shows as a fact the check still needs.
The builder must offer Own New on this development, and sometimes on this specific plot.
Availability depends on the builder, the development, and sometimes the specific plot, so be sure to search the map, or ask your homebuilder if it is available.
Own New: questions Own New (scheme operator), read 21 Oct 2026
This scheme has no local criteria.
As of 12 Nov 2026. Lenders, providers and councils make the final decision.