New lower-rate mortgages at housebuilder's sites

The scheme is funded through a subsidy paid for by Cameron Homes called ‘Rate Reducer’, a unique mortgage that provides first-time buyers and existing owners with access to lower interest rates and reduced monthly payments during the initial mortgage period.

It was brought to the market to fill the gap following the closing of the Government’s Help to Buy scheme.

Own New enables Chasetown-based Cameron Homes to offer its customers a regular mortgage loan with lower monthly payments. The scheme contributes towards efforts to make home ownership more affordable and accessible for those looking to get on the property ladder.

Cameron Homes, which has developments across the Midlands, including at Cheslyn Hay, Kidderminster and Penkridge, will now deliver the Own New scheme across all of its locations. The reduction is funded by contributions from Cameron Homes towards the cost of the mortgage, enabling borrowers to receive more competitive interest rates during the initial period of their loan.

Collette Bradbury, sales and marketing director at Cameron Homes, said: “The rise in interest rates has raised concerns for many first-time buyers and existing property owners, making some put their moving plans on hold. However, the introduction of the Own New scheme will help to restore confidence through providing customers with access to the highly competitive mortgage deals available.”

Eliot Darcy, founder of Own New, added: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home. With the support of our house builder partners like Cameron Homes, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they can afford.”