Own New – Rate Reducer is a brand new scheme exclusively for New Build homes, bringing lower mortgage rates to buyers!


Dere Street Homes have partnered with Own New to bring you a simpler, hassle-free way to get an affordable mortgage on a new build property.


You get a normal mortgage at some of the most competitive interest rates on the market and own 100% of your home.


You can:

  • Buy with a 5% deposit
  • Own 100% of your home
  • be Employed or self-employed
  • be First Time buyers or existing Home Owners

Couple on a date at as restaurant. There is food and wine on the table. They are happy and laughing. Outdoors at sunset.

How it works:

  • We could contribute between 3% & 5% of the purchase price of the new home as your ‘Incentive’
  • The contribution goes to your mortgage lender (through the 3rd party Own New)
  • The lender then uses this contribution to reduce the available mortgage rates
  • Monthly Mortgage payments are then reduced for the initial period of the mortgage – either 2 or 5 years.

How to buy with OWN NEW:

  • Choose one of our beautiful new homes
  • Discuss your mortgage with our approved, independent Own New mortgage broker
  • They’ll help you to see if Own New’s Rate Reducer is right for you
  • You go through the normal Mortgage Application and home buying process with the usual approvals
  • When you complete you own 100% of your new home with a normal mortgage and lower payments for the initial period or two or five years


About Rate Reducer

  • Lower interest rates means lower payments each month
  • Own 100% of the property

Rate Reducer – a regular mortgage, just with lower monthly payments for the initial period. Own New’s Rate Reducer makes your beautiful new home a reduced rate reality.


To find out which properties are available with the Own New Incentive scheme contact the Development Sales Manager at your chosen development.


Own New Rate Reducer is one of a selection of customer incentives available on selected Dere Street Homes plots and developments.


The eligibility of Rate Reducer is at the discretion of Dere Street Homes and is subject to home buyers receiving advice from an Independent mortgage broker and the lender’s usual eligibility criteria and checks, terms & conditions.  You must always obtain advice from an Independent Mortgage Broker on Own new Rate Reducer.  Your home may be repossessed if you do not keep up your mortgage repayments.



Who’s eligible to use Own New’s service? And how does it work?

This scheme is open to anyone purchasing a new build property including first time buyers and home movers. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term.

What properties is Rate Reducer available on?
Please speak to your local Development Sales Manager for information on which properties offer the Own New scheme.

Do you offer the Own New Deposit Drop Product?

We do not currently offer the Deposit Drop product on our developments.

Who will my mortgage be with?

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

How do I get started? How do I access this service?
Once you’ve found one of our properties, your Development Sales Manager can recommend an Own New approved broker who will guide you through the mortgage application process.

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.

Terms and conditions

Own New Rate Reducer is available on selected developments and plots only, and will include a Dere Street Homes contribution of 3% or 5% of the house  price which is passed directly to the lender (minus an Own New arrangement fee of 0.15%) to secure a reduced mortgage rate for an initial period of 2- or 5-years fixed. After this period your mortgage rate is likely to increase.

Subject to lender criteria and eligibility. The lender will carry out their normal criteria and affordability assessments before any Own New Rate Reducer subsidy is applied.