Own New has announced Berkeley Group as the latest housing developer to sign up to its 95% mortgage scheme.
Own New aims to help buyers to access better 95% mortgages for new build homes.
As Help to Buy closes, Own New will offer a solution to people who can afford to buy a home but do not have sufficient savings to pay a high deposit. The scheme is open to first-time buyers and home movers with no regional price caps.
Own New works behind the scenes with lenders to reduce risk, creating high loan-to-value mortgage products. People who are self-employed or who don’t yet have a credit rating will be able to apply.
Eliot Darcy, founder of Own New, said: “We are pleased to announce that Berkeley Group will be offering Own New across its developments as we look to expand our reach nationwide.
“We now have almost 60 housebuilders signed up to offer Own New and we are due to confirm more lenders who will be offering our 95% mortgages very soon.”
Paul Vallone, divisional executive director, Berkeley Group, said: “We are delighted to join the Own New Scheme, which will give people the chance to buy a quality home with a low deposit in one of our beautiful neighbourhoods across London, Birmingham and the South East of England.”
Own New will go live in the North East and Yorkshire within the next few weeks when it launches mortgages through Darlington Building Society.
It will then become available in other parts of the UK, including the regions where Berkeley Group operates, as Own New works with a range of lenders to make the scheme available nationwide.