Housebuilder Berkeley Group has partnered with Own New’s Rate Reducer scheme, which offers new-build buyers access to lower-rate mortgages for a set period
The mortgage products, which Virgin Money and Halifax started offering earlier this month, will be offered across all Berkeley developments from 4 March.
The builder has sites across London, Birmingham and the South of England.
The Own New scheme offers reduced monthly mortgage payments over a fixed term.
As an example, buyers in Berkeley’s Kidbrooke Village could secure rates as low as 1.83 per cent for a mortgage at 75 per cent loan to value (LTV), equal to a payment of £1,022.
At 65 per cent LTV, the rate would be 0.99 per cent, coming to a monthly payment of £714.
Paul Vallone of the Berkeley Group said: “We are delighted to be joining the Own New Rate Reducer scheme to assist more people in finding a Berkeley home in London and beyond.
“Whether buying a first or next home, apartment or house, this product provides a fantastic opportunity for more people to get a foot on the property ladder and provide them with mortgage rates that have not been seen in the market for well over two years.
“We are thrilled to be a part of the launch of this new initiative, making it possible for a wider range of buyers to own a new-build home.’
Eliot Darcy, founder of Own New, added: “Own New is aimed at creating a fairer system of lending to make homeownership attainable to more people. It is based on the belief that you should be able to buy your first or next home without the need to spend years saving for a large deposit.”
Anna is a reporter for Mortgage Solutions and assistant editor for Specialist Lending Solutions, both B2B sister titles of YourMoney.com. She has worked as a journalist for over four years, initially in the specialty insurance sector before moving onto mortgages.
