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The Own New scheme is an innovative initiative designed to make new-build homeownership more accessible, particularly for those with limited deposits or high monthly costs. Unlike government-backed programs, Own New is fully privately funded and collaborates with lenders and builders to provide competitive mortgage options. All advisers at Ascot Mortgages are approved Own New mortgage brokers and will help determine if Own New’s Rate Reducer is right for you.
Own New is tailored to support buyers of newly built properties by offering:
Builders contribute a small fee upon completion of a sale to support the scheme, making it cost-free for buyers. This innovative approach fills the gap left by government-backed programs like Help to Buy.
Based on a mortgage of £300,000 at 75% LTV and 25 years
Speak with Us | Interest Rate | Mortgage Type | Monthly Repayment Amount | Total Fees | Max LTV |
---|---|---|---|---|---|
3.79% | Fixed | £1,174 | £30 | 75% | |
4.09% | Fixed | £1,198 | £0 | 75% | |
4.12% | Fixed | £1,210 | £1,499 | 75% | |
4.24% | Fixed | £1,224 | £1,025 | 75% |
At Ascot Mortgages, we specialise in simplifying the mortgage process, ensuring your experience is seamless and stress-free. Here’s how we help:
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 4.75 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedGet expert advice immediately if...
If one or more of the above apply to you, it’s important to get expert advice before making an application. The right broker can help maximise your chances of approval based on your circumstance.
Unlike Help to Buy, Own New involves no government equity loans. Buyers secure a mortgage directly with lenders, owning 100% of your home.
Own New is open to both first-time buyers and existing homeowners looking to purchase new-build homes.
No, Own New does not impose price caps, though lenders may have individual criteria that Ascot Mortgages can help you navigate.
The scheme supports newly built homes, including flats, apartments, and houses, offered by registered developers.
Simply reach out to Ascot Mortgages for an initial consultation. We’ll assess your eligibility and connect you with the right lenders and developers.
For more information about the scheme or locate a partnered developer visit Own New’s official website or contact us directly to start your homeownership journey.
Get things moving, apply for a Own New scheme.
Free unbiased mortgage advice is just a phone call away.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
©2024 AscotMortgages.co.uk – All Rights Reserved
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