Housebuilder Crest Nicholson in collaboration with Own New has launched Rate Reducer, a mortgage support scheme designed to make it easier for buyers of all kinds to access lower rate mortgages.


With almost two thirds (63%) of new buyers getting a foot on the ladder now buying in joint names, according to Halifax’s latest House Prince Index, access to affordable lending continues to pose a barrier to many completions.


‘Rate Reducer’ is a unique mortgage that provides home movers and first-time buyers with access to lower interest rates. The scheme will see Crest Nicholson contribute between 3% to 5% of the purchase price of an eligible new build home, giving buyers access to a regular mortgage, but at a reduced rate for the initial period of fixed interest.


The scheme could lower a buyer’s mortgage rate by up to 3.98%, saving them up to £459 per month on their payments1 and allowing them to save the additional funds or set more aside for purchases to help settle into their new property.


Accessible via selected lenders, interested buyers must be financially eligible and pay a minimum 10% deposit.


Vicky Cullen, Group Sales and Marketing Director at Crest Nicholson, said of the new scheme: “We’re acutely aware as housebuilders of the role we can play in assisting people who are facing challenges getting onto or moving up the housing ladder. Even once they have raised the necessary deposit, monthly mortgage costs can stop many from moving, which is why we’re looking forward to offering this support across the country for eligible buyers, and making home ownership accessible to more in the process.”


Eliot Darcy, founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home. With the support of our house builder partners like Crest Nicholson, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they can afford.”


Jason Blunden, director at Evolve Financial Solutions added: This is a great new scheme by Own New and really helps those that had previously thought payments were too high for them to make their first or next move. Developer incentives have always been available, but this makes real use of an incentive to help the clients directly in the pocket.

Now that inflation is coming down, the consensus is that base rate cuts will follow as the year goes on, which in turn will help bring the costs of fixed rate mortgages down also. This product is bridging this gap over the next couple of years to make the payments affordable now, rather than wait until rates are lower.”


For more information about Crest Nicholson’s Rate Reducer Scheme, visit


1 Example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with an average house price of £350,000, an average mortgage term of 35 years, a 2 year initial fixed rate and an LTV of 60%.  Savings made during the initial 2 year fixed rate period only.  Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 26/02/24.