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Lower your mortgage rate on a new home by up to 3.98%

With our Own New Rate Reducer, you could lower your mortgage rate by up to 3.98%* on an energy-efficient, stylish, brand-new home. Meaning you could save up to £459 per month*.

FIND A HOME

Own New Rate Reducer explained.

It’s a simple way for you to get a more affordable mortgage rate* on one of our brand new homes.

It’s available to everyone. First time buyers and existing homeowners. You just need a minimum 10% deposit.

HOW DOES IT WORK?

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Have your 10% deposit ready.

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Find one of our homes you love.

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Check your eligibility with an approved Own New broker.

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If you’re eligible, reserve your new Crest Nicholson home.

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You’ll reduce your mortgage payments* – but still own 100% of your new home.

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Own New Rate Reducer Terms and Conditions

Definitions and usage

Crest Nicholson is hereinafter referred to as “Crest Nicholson”, “we”, “us” or “our”
The current home you are looking to sell is hereinafter referred to as your “Existing Home”
Your chosen Crest Nicholson home is referred to as your “New Home”

Who is eligible?

“Crest Nicholson” is referred to as “Crest Nicholson”, “we”, “us”, or “our”. Own New Mortgage Rate Reducer Scheme is available on our new build homes only, only on selected plots and is subject to contract and eligibility criteria.

The Own New Mortgage Rate Reducer Scheme is operated and administered by Market Mortgage Limited, trading as Own New. We have joined their scheme so that you can benefit from it. The scheme is not controlled by us and is controlled by Own New. Your financial eligibility for the scheme is determined by Own New and you will need to be approved for the scheme by a participating mortgage broker approved by Own New. It is also subject to your mortgage lender participating in the scheme.

You will also be required to enter into a reservation agreement and pay a reservation fee to reserve a new build home from us and exchange contracts on that purchase, and those events may be required by us to have happened by certain dates.

You will need to pay as a minimum a 10% deposit for the purchase of your new build home from us.

How does it work?

If your purchase of a new home from us qualifies for the scheme, we will send to you and your Own New approved mortgage broker confirmation of your eligibility for the scheme from our perspective and details of the amount we will contribute to your participating mortgage lender/Own New in relation the scheme and your purchase of that new home from us. Your eligibility and the amount we will contribute will depend on the new home you are buying, the price, your financial eligibility and other checks. That eligibility confirmation then allows you to apply to take part in the scheme managed by Own New.

You will then need to take advice from your Own New approved mortgage broker. You will need to be eligible for a mortgage offer from one of the mortgage lenders participating in the scheme. Not all mortgage lenders are participating in the scheme. Therefore the choice of potential mortgage lenders may be reduced. In addition no participating mortgage lender will be obliged to make you a mortgage offer.

Whether or not you do qualify for the scheme in all respects will be notified to you by Own New or your Own New approved mortgage broker or your participating mortgage lender. You can then choose whether or not you want to go ahead with the scheme.

Under the scheme we will contribute between 3% to 5% of the purchase price of the eligible new build home you purchase from us to achieve a reduction in the rate of your fixed rate mortgage. We will notify of the amount that will be contributed by us. That amount will be paid by us to Own New and they will then deduct their various fees and expenses. Own New then pay as much of the remaining balance to your participating mortgage lender as is necessary to achieve the lowest fixed rate mortgage they can obtain for you under the scheme.

If there is any material balance still left from our contribution then Own New will rebate that back to you. If there is only an immaterial balance left (for which the threshold is currently set at less than £25) that small balance will be donated to charity by Own New. These various payments are to be made on or after completion. We only control the payment to be made by us to Own New. The rest of the payments are not controlled by us. The amount contributed by us is not convertible into cash by you. Details of the fees and expenses to be deducted by Own New are to be provided to you by Own New either before or at the time your eligibility for the scheme is confirmed.

The mortgage interest rate reduction will only apply whilst your mortgage is in its fixed interest rate period. After then the rate reduction will cease to apply. It is your responsibility to make sure you have enough money to meet your mortgage payments. We do not pay your mortgage payments on your behalf.

We do not charge any fees or expenses for your participation in the scheme nor do we receive any commission from your participation in the scheme.

Other applicable terms and Conditions

To take advantage of this scheme you must claim before reserving a property from us. This scheme is not to be used in conjunction with any other offer or scheme unless we expressly agree. We may in our absolute discretion, withdraw or alter the terms of this scheme at any time before you have reserved your new build home from us and paid your reservation fee or before you have accepted any offer under the scheme.

Once you have applied to utilise the scheme and received a mortgage offer under the scheme, it may not be possible for you to switch to a different offer or scheme without the agreement of your participating mortgage lender and Own New. Switching to a different offer or scheme would mean your participating mortgage lender would have to withdraw their reduced interest rate mortgage offer to you under the scheme.

Own New may also have applicable terms and conditions for the scheme. They too may in their absolute discretion, withdraw or alter the terms of this scheme at any time before you have reserved your new build home from us and paid your reservation fee or before you have accepted any offer under the scheme. Any mortgage offer under the scheme will also be subject to the terms of the mortgage offer from your participating mortgage lender.

If your reservation agreement expires, is cancelled or is terminated your Own New Mortgage Rate Reducer Scheme in relation to that reservation will automatically terminate. The same will apply if the qualifying mortgage offer held by you under the scheme lapses or terminates for any reason. The scheme is not transferable to a different property.

For more details of the scheme also see https://ownnew.co.uk/

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Individual lender terms and conditions may affect the scheme. If you require a mortgage, you are strongly advised to obtain advice from a regulated mortgage adviser.

Our usual reservation and sales terms and conditions also apply. Please speak to one of our sales executives for more details.

More ways we can help you move

Are You A First-Time Buyer?

Are you a first-time buyer?

Owning your first home is exciting. With us you can rest assured we'll help you through every step of the buying process, making it as simple as possible.

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Are You A First-Time Buyer?

Do you have a home to sell?

We're here to make it a stress-free experience. We can be the buyer of your current home with Part Exchange, or help you sell with SmoothMove.

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Terms & Conditions

*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.