Own New Rate Reducer

What is Own New Rate Reducer?

Own New Rate Reducer could help enable you to unlock lower mortgage interest rates from a participating lender, over a fixed two- or five-year period, meaning your monthly mortgage payments will be more affordable during that time.

Greenwich Millennium Village make this possible by giving a financial contribution of typically from 3% to Own New who then pass this to your lender (after deducting their commission).

You’ll still own 100% of your home.

How does it work?

  • Select one of our high-quality, energy-efficient Greenwich Millennium Village homes to call your own
  • An Own New approved mortgage broker will be able to help determine if Own New’s Rate Reducer is right for you
  • Continue your buying journey with Greenwich Millennium Village to achieve 100% home ownership

Frequently asked questions:

Who is eligible for Own New Rate Reducer?

This scheme is open to first time buyers and home movers purchasing selected new build homes and arranging a mortgage through a participating lender.

Which properties is Rate Reducer available on?

Please speak to one of our expert local sales consultants for information on which homes the Own New scheme is available.

Who will my mortgage be with?

Your mortgage will be directly with the lender. Own New is the platform that sits between your broker and the lenders participating in the scheme.

Is there a maximum property value of which I can benefit from Own New’s Rate Reducer?

Yes, there is a maximum value on the sale price of the property of £1,000,000 (one million).

How do I get started? How do I access this service?

Once you’ve found one of our homes you love, your local sales consultant can advise whether the Own New scheme is available on that home and recommend an Own New approved broker who will guide you through the mortgage application process.

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