Own New Rate Reducer

Three big benefits of Own New Rate Reducer

1. More money in your pocket

When buying a home, the lower your mortgage interest rate, the lower your monthly payments. With Rate Reducer we contribute to your interest, so you get a lower rate for a fixed term. Leaving you with more money for moving, furnishing and setting up home.

2. Your home is 100% yours

With Rate Reducer you own 100% of your new home. Unlike buying schemes such as Shared Ownership, your home is entirely yours from the moment you walk through the door. You’ve just had a helping hand from us to get you there.

3. Expert guidance all the way

With Own New Rate Reducer you will be given access to a specialist Own New mortgage broker, who will guide you through the process, help you determine if the scheme is right for you and answer any questions you have along the way.

How does Own New Rate Reducer work?

Own New is the name of a financial company that launched the Rate Reducer scheme in 2024. They work behind the scenes with home builders (like us) and mortgage lenders who have agreed to take part in the scheme. Own New allows us to make a contribution to your interest payments. This is used with the lender to reduce your mortgage payments for an initial term.

How do I access Own New Rate Reducer?

Step 1: Find a Charles Church home you love.

Step 2: Speak to a Charles Church sales executive who will put you in touch with an approved Own New mortgage broker.

Step 3:  The Own New broker will help you decide if Rate Reducer is right for you and guide you through the mortgage application process.

Step 4: If you decide to go ahead, we could contribute either 3% or 5% of the purchase price of your chosen home.

Step 5: Our contribution is paid directly to your mortgage lender, meaning you'll get a lower interest rate and lower mortgage payments for a fixed initial term (either 2 or 5 years).

Step 6: You move into your Charles Church home – which is 100% owned by you!

Frequently Asked Questions

Is Rate Reducer available on all homes?

Own New Rate Reducer is available on selected Charles Church plots. Speak to a sales executive at the development you’re interested in to find out which properties offer the Rate Reducer scheme.

Who is eligible for Own New Rate Reducer?

Rate Reducer is available to first time buyers and existing homeowners, whether you have a small or large deposit. For existing homeowners, there are some conditions about the relative value of your current home and your new home, but it’s best to speak to one of our Sales Executives who will be happy to explain the details.

How long is the lower fixed rate period?

You can choose between a two and five-year fixed term, depending on the lender’s criteria and your financial situation. It’s important to remember that once the initial term ends, your mortgage will switch to a standard market rate. So you will still need to meet normal affordability checks to access Rate Reducer.

Who will my mortgage be with? 

Your mortgage is directly with the lender. Own New is simply the platform that sits between your broker and the lender to ensure you get a great deal.

Eligibility is at Charles Church's discretion, is subject to receiving regulated advice from an approved Own New mortgage broker and is ultimately subject to lender terms and conditions.

This purchase scheme cannot be used in conjunction with any other scheme.