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Own New Rate Reducer

Savings of up to £501^*** per month on mortgage payments may be available with Own New Rate Reducer

We’ve partnered with Own New who could help you get a reduced rate mortgage on a new Miller home. Own New Rate Reducer could allow you to reduce your interest rate while still owning 100% of your property. It’s a mortgage, just with lower monthly payments for the initial period, helping you to make your dream Miller home a reality.

 

Benefits of Own New Rate Reducer:

  • Savings of up to £501^*** per month on mortgage payments may be available with Own New Rate Reducer for the initial term.
  • Mortgage rates from as little as 1.59% for the initial term could be available to our customers through the Own New Rate Reducer Scheme.
  • Dependent on the build stage of your chosen home, we could contribute either 3% or 5% of the purchase price towards your move through a participating lender. The contribution goes to your mortgage lender (through the 3rd party Own New).
  • You could reduce your mortgage interest rate by up to 3.19%* over the initial fixed term 
  • You could save on your monthly mortgage payments in the first 2-5 years 
  • Available for first time buyers and home movers

    • ^***Example based on a house price of £371,000 a 35 year mortgage term, a 5% homebuilder incentive and a customer LTV of 75%.    

    How does the Own New Rate Reducer work?

    • Step 1 – Choose your new Miller Home

    Speak to your development sales manager to find out which homes are eligible for the Own New Rate Reducer.

    • Step 2 – Speak to one of our recommended new home mortgage advisers

    Once you’ve found your dream home, your development sales manager can put you in touch with one of our specialist new home mortgage advisers who will guide you through the mortgage application process. We’ll provide you with a Letter of Acknowledgement for the home you are interested in.

    • Step 3 – Your Reduced Rate Mortgage

    We’ll pay a fee to work with Own New which allows your lender to reduce the interest rate on your mortgage for the initial term. Your mortgage will still be directly with the lender, but with lower monthly payments.

    • Step 4 – Enjoy your dream home and lower interest rates

    Our sales team will be on hand to guide you through every step of your homebuying journey, so you can enjoy your new Miller home, and your reduced rate mortgage.

     

    For more details and to see if you're eligible, please get in touch with the team at Miller Homes today. 

    Terms & Conditions

    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.

    ^Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme.

    Your interest rate and mortgage payments will increase after the fixed period – please consult your independent financial advisor and/or your lender.

    Miller Homes cannot advise you on a mortgage, please speak to an independent Mortgage Adviser to get a specific mortgage illustration for the property that you wish to buy.

    Participating lenders and qualifying UK home mortgages. Minimum 5% deposit required.

    The Own New Scheme is an independent third party scheme. Miller Homes makes a financial contribution to Own New to achieve reduction/savings. Rates and savings are subject to availability of the Own New scheme. The actual rate and saving you achieve will depend on your individual mortgage offer. Rates and savings quoted are examples provided for illustration only, are not specific to any development shown and should not be relied upon. 

    Own New Rate Reducer cannot be used with any other financial incentive and is only available on selected plots on selected developments.

    Subject to eligibility, terms and conditions. The exact eligibility requirements may vary based on the lender's criteria. Speak to a Miller Homes sales consultant for more information.

    **Financial example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with a 2 year initial period and a LTV of 75%. Savings made in the initial fixed period. 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 15/11/2024

    ***Example based on market interest rates, with an average house price of £371,000 and an average mortgage term of 35 years. Assumes a 5% homebuilder incentive and a 2 year fix, with 75% LTV mortgage. 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 15/11/2024

    Any reduced rates are offered by lenders party to the Own New Rate Reducer scheme and customers should seek independent legal advice to ensure that they get the most suitable deal for them as other options are available.

    INDEPENDENT FINANCIAL ADVICE MUST BE SOUGHT FROM A REGULATED MORTGAGE BROKER TO ACCESS THIS SCHEME.

    Own New Rate Reducer

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