Save up to £480 a month with Own New Rate Reducer.
We know that, given the current economy, everyone is focused on affordability and making their money go further. Through Own New Rate Reducer, people looking to purchase one of our award-winning sustainable homes can reduce their mortgage interest rates by up to 3%.
How does it work?
How much you can save with Own New?
^***Based on a purchase price of £371,000.
Save up to £480 a month.
Example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market on a 2-year fixed product with a LTV 75% over a 35 year term. Following the initial 2-year fix your mortgage rates may go up and savings made are in the initial fixed period.
What are the benefits of Own New Rate Reducer
You’re able to unlock access to mortgages at lower interest rates
Mortgage rates from as little as 1.05% for the initial term could be available to our customers through the Own New Rate Reducer Scheme.
This can be applied on either two-year or five-year fixed mortgage products
Depending on the amount you’re borrowing, your Own New Rate Reducer mortgage could have an interest rate up to 3% lower, fixed for either two or five years
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.
Calculate your Stamp Duty
Use our handy calculator to work out how much Stamp Duty you'll pay on your new home.
Mortgage Calculator
Our easy-to-use, free online mortgage calculator is perfect for anyone who is interested to find out how much their monthly mortgage repayments might be.
^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.
St. Modwen 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. St. Modwen 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 St. Modwen 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 07/08/2025
***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 07/08/2025
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