Rate reducer mortgage strikes right chord with Miller Homes customers

Miller Homes has launched a new partnership with Own New that could mean lower mortgage rates for people looking to buy a new build home in the North West.

Own New Rate Reducer is a brand-new product that could enable customers to reduce the interest rate on their mortgage for a new Miller home for their initial mortgage term, while still owning 100 per cent of their property. Since launching Own New Rate Reducer on the 4th of March, Miller has had a surge of interest.

Anne Marie Britton, group sales and marketing director for Miller Homes, said: “We are delighted with the initial response to our partnership with Own New and the interest it has generated amongst potential house buyers. Given the number of enquiries we have received since launching, this is clearly a product that resonates with individuals and families that are considering their options for buying a new home.

“I look forward to developing our partnership with Own New over the coming months, and I hope first time buyers and existing homeowners who are thinking of making a move, will take the time to find out more about the many advantages Own New offers.”

Eliot Darcy, founder of Own New, said: “It's great to see Own New Rate Reducer resonating so well with customers. Alongside the national lenders and housebuilders like Miller Homes who have signed up to the scheme, we believe that Own New Rate Reducer will be a significant boost to many people’s home-buying dreams. 

“People can benefit from Rate Reducer whether they have a small or large deposit. For some people who already have equity in their home, it could herald the return of the sub-one per cent mortgage deal. By working together, we are increasing mortgage lending opportunities and bringing the possibility of owning a new-build home to wider range of buyers."

Own New is open to anyone interested in buying a new build home, provided they have a 10 per cent deposit. The Own New Rate Reducer mortgage is available on selected plots at The Calders, on Red Lees Road, Cliviger, Burnley, BB10 4RD.  

In addition to lower monthly mortgage payments, new build buyers will also benefit from lower energy bills. According to recent research from the Home Builders Federation, new builds are powered by 55 per cent less energy than older properties, saving customers up to £2,200 on their annual energy costs.

Own New Rate Reducer is available across the country and has been launched with national lenders Virgin Money and Halifax. 

Miller Homes would encourage people looking to buy a new home to seek regulated advice from an independent mortgage broker on the options available for them.