In an exciting development for prospective homeowners, Newland Homes has announced a partnership with Own New to offer the groundbreaking Own New Rate Reducer mortgage.

This innovative financial solution is set to revolutionise the way buyers purchase new build homes, giving access to lower mortgage rates and reduced monthly payments for up to five years.

The Own New Rate Reducer mortgage is a conventional mortgage model reimagined, designed to alleviate financial pressures during the crucial initial years of homeownership.

The scheme is funded through a subsidy paid for by the housebuilder, meaning customers get better mortgage deals on new build homes over older properties.

Newland Homes is committed to supporting its customers through their home buying journey, and this collaboration with Own New is a testament to that commitment.

Marcus Evans, sales & marketing director at Newland Homes, said: "The introduction of the Rate Reducer mortgage underlines our dedication to offer innovative solutions that benefit our customers, whatever their situation.

"Own New mortgages will be available at all of our development locations, dependent on eligibility, as it's more important than ever to offer financial solutions that can truly make a difference to people's lives as they look to purchase one of our low or zero carbon homes."

Eliot Darcy, founder of Own New, emphasised the simplicity and impact of the Rate Reducer scheme, saying: "In today's challenging economic climate, we've partnered with national housebuilders like Newland Homes to introduce a straightforward solution — a regular mortgage with lower monthly payments. This initiative is making homeownership more accessible and affordable, allowing people to pursue their dream homes without compromising their financial stability."

By reducing the financial barriers associated with mortgage payments in the initial years, Newland Homes and Own New are opening the door to homeownership for many who might have thought it out of their reach, such as first time buyers and those looking to move up the housing ladder.

Peter Edmonds, managing director of Central Financial Services, commented: "Without having access to the lower interest rates provided with a Rate Reducer mortgage, most people's options become seriously limited. Many would have been faced with either taking out a longer-term mortgage, opting for a house in a lower price bracket, or simply to carry on living where they are.

"Trained mortgage brokers will provide independent guidance to customers, to compare all the options available and to ensure they get a mortgage product that is right for them and in their long-term financial interests."

The potential impact of Own New has been likened to the Government-backed Help to Buy scheme, which aided the purchase of almost 390,000 new build homes over a ten-year period. However, unlike Help to Buy there is no upper price cap on the purchase price of a new home.

Newland Homes has a range of hassle-free options to help people secure brand new, low and zero carbon homes, whatever their situation.

The independent housebuilder is based in Gloucestershire and is a carbon neutral business for the second year running. It recently won a WhatHouse? award for best sustainable development for one of its zero carbon schemes. These awards are known as the 'Oscars' of the housebuilding industry and Newland Homes was praised for its robust approach to climate change and its carbon neutral agenda.

For further information on how to take advantage of the Own New Rate Reducer mortgage with Newland Homes, interested parties are encouraged to visit www.newlandhomes.co.uk  or to follow @newlandhomes on its social channels.

Mortgage eligibility is at the developer's discretion. It is subject to receiving regulated advice from an independent mortgage broker and is also subject to lender terms and conditions.