Own New Rate Reducer

Reduce the mortgage interest rate for the initial term on your brand new Miller Home with the Own New Rate Reducer

We’ve partnered with Own New who could help you get an affordable, reduced rate mortgage on a new Miller home.

Own New Rate Reducer could allow you to reduce your interest rate while still owning 100% of your property. It’s a regular mortgage, just with lower monthly payments for the initial period, helping you to make your dream Miller home a reality.

Available for First Time Buyers and Home Movers

The scheme is available on selected plots and is open to anyone buying a new build property. You will need to have a 10% deposit available to use the Own New Rate Reducer product.

 

With Own New Rate Reducer:


  • Mortgage rates from as little as 1.89% for the initial term could be available to our customers through the Own New Rate Reducer Scheme. 
  • Dependant on the build stage of your chosen home, we could contribute either 3% or 5% of the purchase price towards your move through a participating lender.
  • You could reduce your mortgage interest rate by up to 3.19%* over the initial fixed term. 
  • You could save on your monthly mortgage payments in the first 2-5 years. 
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    How does the Own New Rate Reducer work?

    • 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.

     

    For more details, please get in touch with the team at Miller Homes today. 

    *Financial example assumes a 5% homebuilder incentive and is based on mortgage rates available in the market, with a 2 year initial period and an 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 25/02/2024.

    Your interest rate and mortgage payments will increase after the fixed period – please consult your independent financial advisor and/or your lender. 

    Miller 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.

    Minimum 10% deposit required.

    Participating lenders only.

    The Own New Scheme is an independent third party scheme. Miller 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.

    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.

    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 THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. 

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