Nathan and Shannon buy dream home at 26 with Own New
Nathan and Shannon couldn't be happier after a chance find meant they could buy their dream home at the age of 26. Read on to hear how they did it.
12 Aug 2024

A young couple from Greater Manchester have made their house buying dream a reality by taking advantage of a new incentive that will see them make mortgage savings of over £1,000 a year.

After a two year search for their home, Nathan and Shannon, both aged 26, have just bought a three-bedroom home at Calico Grove in Rochdale, with the help of the Own New Rate Reducer incentive.

A big difference

Shannon, an administration assistant, said: “We’ve been renting a two bed apartment and have been saving for a house for a while. As first-time buyers, we knew we’d need a good incentive and this is one of the reasons we focused our search on new builds - energy efficiency was another.

“We hadn’t heard about the Own New Rate Reducer until we came across it on the development’s website, but we set up a meeting with the sales consultant, Justine, and the rest is history. 

“Justine talked us through the process and explained how the scheme could help us make huge savings and importantly make our monthly mortgage payments much more affordable - we’ll be saving more than £1000 a year.”

The small print

‘Own New’ mortgages are part of a nationwide scheme bringing together lenders with house builders to help buyers purchase a newly-built home sooner than they might otherwise, with as little as a 5% deposit.

Buyers can unlock lower mortgage interest rates from a participating lender, over a fixed two or five year period, making mortgage payments more affordable during that time.

We make this possible by giving a financial contribution (typically 3%) to Own New who then pass this on to the lender. There is no cost to the home buyer and they will own 100% of the property.  

Where to look

The Own New Reducer Rate is currently available on the following developments in Greater Manchester:

• Calico Grove in Rochdale from £309,995
• Millbank Lock in Partington from £239,995
• Hartshead View in Oldham from £289,995
• Radclyffe Green in Chadderton from £324,995

Check out the development websites to see the full range of support options available. In addition to Own New, you’ll find Homestepper (a shared ownership scheme) on selected plots, cashback offers and if you have a home to sell, we can even help you with that!