Lower your mortgage rate and monthly payments with Own New
We've partnered with Own New to offer a simple, more affordable way to buy your home.
We’re using our financial incentive to help make your new home more affordable by directly reducing your mortgage costs through the Own New scheme.
Instead of offering a traditional discount on the purchase price, we contribute funds to your lender via the Own New platform. This allows you to secure a lower mortgage interest rate for your initial fixed term, helping to reduce your monthly repayments from day one.
This innovative approach gives you more flexibility when buying a new build home. You can:
- Enjoy lower monthly mortgage payments
- Potentially increase your buying power
- Use the savings to boost your deposit or access cashback options
By combining our developer incentive with the Own New scheme, you can access more competitive mortgage rates on new homes, making it easier to step onto or move up the property ladder.
Who is the Own New Rate Reducer for?
-
Image
First-time buyersGet on the ladder sooner with reduced rates and lower upfront costs.
-
Image
Home moversAlready own your home? This incentive can help reduce repayments on your next move.
-
Image
Buyers who value choiceYou own 100% of your home, with a mortgage that works for you.
Two ways to Own New
-
Image
Own New Rate ReducerUses a 5% builder incentive to give you the largest possible rate reduction, maximizing your monthly savings.
-
Image
Own New FlexUses a 3% builder incentive to reduce your mortgage rate, which can be paired with other builder incentives (like deposit contributions or stamp duty help) where available.
How do I get started?
Step 1:
Speak to our sales team to find your dream home and confirm which Own New incentives are available on your plot.
Step 2:
Obtain a Letter of Approval from us.
Step 3:
Give this letter to an approved Own New broker who will discuss your affordability and handle the rest of the application process.
Step 4:
Complete your purchase, and move in!
Take the first step
For expert help finding your perfect home, complete the form and our friendly team will reach out to you.
-
Not sure where to start?
Understand the buying process from start to finish with our step-by-step guides.
-
Your dedicated experts
See how we can support and help guide your home buying journey.
-
Find your new home
From quality to energy efficiency, discover a Hill home built around you.
Frequently Asked Questions
- How does Own New Rate Reducer work?
Own New Rate Reducer uses a 5% builder incentive to reduce the mortgage interest rate as much as possible. That can lower the monthly payment significantly during the initial mortgage period.
- How does Own New Flex work?
Own New Flex uses a 3% builder incentive toward reducing the mortgage rate, while leaving room for other builder incentives where available. The exact structure depends on the home builder and the deal on the plot you are buying.
- Do I get 100% of the builder incentive?
Yes. Own New is designed so the full builder incentive works for the buyer. Depending on the product and lender structure, that benefit may appear through a lower rate, cashback, deposit support, or a combination of these.
- Do Own New provide my mortgage?
No. The mortgage is directly with the lender. Advice is provided by an approved broker where advice is needed. Own New sits between the builder, lender, and broker to help structure the incentive.
- Do I own 100% of my home?
Yes. Own New is not shared ownership. You buy and own 100% of your home from day one, subject to the normal mortgage and conveyancing process.
- Is Own New available on every new build home?
No. Availability depends on the builder, the development, and sometimes the specific plot. That is why the website should be treated as a browse-and-enquire journey rather than a universal product promise.
