LOWER rate mortgage options will be explained to home buyers at a series of events across the North West hosted by Elan Homes.

The homebuilder has partnered with Own New to offer Rate Reducer, a scheme that gives buyers access to lower interest rates and reduced monthly mortgage repayments during the initial mortgage period.

Those looking for a new home can find out more about Own New Rate Reducer at special events being hosted by Elan on March 29/ 30 and April 13/14 at Balmoral Gardens, Southport; Birchfield Court, Swinton; Hazelfields, Poynton; Redwood Gardens, Blackpool, Tower Gardens in Lower Darwen and Whittingham Fold in Goosnargh.

Marie Morris, sales director for Elan Homes in the North, said: “Many people have been delaying buying a home because of interest rates as they want to find the best mortgage deal. By partnering with Own New and offering Rate Reducer we’re helping to make homeownership more affordable. Essentially, we pay a subsidy so that our customers can access lower interest rates and enjoy reduced monthly payments during the initial mortgage period. The scheme is exclusive to new homes and is open to first time buyers and existing homeowners. We’re inviting home buyers to join us at our special Own New events to find out more about the scheme and to speak to independent financial advisor who’ll be able to explain how much they could save on their monthly mortgage repayments.”

An Own New Rate Reducer mortgage allows buyers to purchase a new build home with a lower interest rate mortgage. It’s a regular mortgage, just with lower monthly payments for the initial period.

Own New works behind the scenes with housebuilders, including Elan and lenders, to reduce the overall cost involved with mortgage loans on new build properties. Elan will contribute 3-5% of the cost of the mortgage, enabling the lender to offer borrowers more competitive interest rates during the initial period of their mortgage, usually in the first two to five years, depending on the length of the initial mortgage term.

For more information about Own New visit a participating development on March 29/30 or April 13/14. Alternatively see https://www.elan-homes.co.uk/buying-with-elan/#own-new-rate-reducer.

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