Introducing The Own New Rate Reducer Mortgage
We’re the only specialist lender offering an innovative product that features lower monthly interest rates for the initial fixed period. Suitable for your first time buyer* clients or those moving home who are looking to buy an eligible new build property.
Place your case Place your case
Own New mortgages are offered exclusively via intermediaries who are registered with Own New. Once you’re registered, you can then submit a DiP via Kensington’s broker portal.
Please visit Own New’s broker hub for more details.
The detail
Our flexible lending criteria is designed to meet the needs of your clients purchasing a new build home:
Lower monthly payments for the initial fixed term of 2 or 5 years
Products up to 90% LTV
Loans available up to £1 million
Limited or no credit history considered
Soft search at DiP
Select criteria applies
- Underwriter decision – not automated score
- Gifted deposits from immediate family members accepted
- Self-employed affordability based on latest years accounts
- Free valuation included up to 90% LTV
- Dedicated new build team - Your case will be handled by our new build underwriting team, with a named case manager and underwriter on every case
- Flexibility to extend - All new build offers are valid for 6 months, with the ability to extend by a further 6 months
- Available in England, Wales and Scotland
*We define first time buyers as those who have not held a mortgage or owned an unencumbered property in the last 12 months.
If you need more details, please see our full Lending Criteria.
Frequently asked questions
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First time buyers and those moving home wishing to purchase a new build property via a participating house builder, can apply for one of the Own New Rate Reducer mortgage products.
Kensington’s standard lending criteria will apply and the customer will be subject to Kensington’s standard affordability checks.
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Participating builders will offer an incentive to access the Own New Rate Reducer product, which will help reduce your client’s monthly payments for either the 2 or 5 year initial fixed period.
The builder will send a letter of acknowledgement (LoA) directly to you, the broker. This along with a Rate Reducer Illustration (RRI) produced by you on the Own New broker toolkit must be provided to Kensington with the mortgage application. The RRI includes a personalised illustration of how monies paid by the builder will be used, including details of the fee paid to Own New for administering the scheme. -
Please visit the Own New site which shows a list of all house builders that are participating in the Own New Rate Reducer Scheme.
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You must be approved by Own New before you can advise your client on any Own New Rate Reducer products. If you are already an approved broker, please visit Own New’s broker hub. If you would like to start the approval process, please register on the Own New website here: https://ownnew.co.uk/for-brokers/#Join_now
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When you’re ready to apply for an Own New Rate Reducer product on behalf of your client, you can do this via logging into the Kensington broker portal.
- Please remember you will need to be registered and approved with Own New before you can submit an application with us.
- Your client must have confirmed with their builder that they’re eligible for the Own New Rate Reducer product.
- The Letter of Acknowledgement as proof of eligibility and the Rate Reducer Illustration.
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Your client will lose any remaining benefit from the incentive as this incentive is passed on via the rate. In addition, they may have to pay an Early Repayment Charge which is outlined in the offer letter.
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The discount can be either 3% or 5% of the house purchase price, minus Own New’s fee.
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