Own New Rate Reducer

A flexible, mortgage scheme to help you achieve your dreams of home ownership.

A brand-new scheme offered by Devonshire Homes. Available exclusively on new build homes, the Own New Rate Reducer scheme helps homebuyers, whether you are a first-time buyer or an existing homeowner.

What is Own New Rate Reducer?

With our Own New Rate Reducer, you could achieve lower monthly mortgage repayments for a fixed term, on one of our energy-efficient, stylish, brand-new homes. It’s a hassle-free way of making your dream new home a reduced rate reality!

Get started with Own New Rate Reducer today!

Take a look at our guide to the process below.

To find out more, talk to a Sales Executive at your chosen development. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. Before making any decisions, it’s important that you obtain independent mortgage advice.


Choose your dream Devonshire Home

Speak with our Sales Executives to discover which developments and plots are eligible for the Own New Rate Reducer scheme. You can then choose which of our beautiful new homes is perfect for you.

Devonshire Homes Own New Rate Reducer Living Room
Devonshire Homes Own New Rate Reducer Kitchen

Speak to an expert

We’ll put you in touch with one of our approved, independent Own New mortgage brokers, who will be able to answer any questions you may have and help you to work out if the scheme is right for you. This scheme is one of many that we offer, so if you’re not eligible there are a few alternative options for you to consider, including Devonshire Move and Deposit Unlock.


Arrange your mortgage

If the scheme is suitable for you, you’ll follow the process of arranging your mortgage with your broker’s guidance at every step of the way. Devonshire Homes can contribute either 3% or 5% of the purchase price of your chosen home, which is paid directly to your mortgage lender. This payment means you’ll receive a lower interest rate and therefore, you can make lower interest payments for your initial fixed term of two or five years.

Devonshire Homes Own New Rate Reducer Garden
Devonshire Homes Own New Rate Reducer Modbury Show Home

Get your keys

You’ll own 100% of your new home and benefit from affordable, lower monthly mortgage payments for the fixed term of your arranged mortgage (two or five year option available).

Terms and conditions

The scheme is only available on selected plots – please ask for details.

Devonshire Homes will make a cash payment after completion of 3% or 5% of the purchase price of the property to Own New, which will be passed on to the relevant participating lender so that they can offer a mortgage product at a rate that is subsidised from their usual product range.

Mortgage offers will be made at the lender’s discretion and in line with their criteria and therefore this offer does not constitute a guarantee of a mortgage offer.

Devonshire Homes is not regulated by the FCA and offers no mortgage advice so customers must take advice from a regulated mortgage adviser before proceeding.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

For more details about Own New Rate Reducer click here.