Berkeley Group has partnered with Own New to join the Rate Reducer scheme. The initiative, which offers new-build buyers access to lower interest-rate mortgages for a fixed period, will be offered across all Berkeley developments from 4 March 2024.
Available across all Berkeley sites, the partnership presents an opportunity for buyers to use the scheme to purchase high-quality homes in vibrant and thriving Berkeley neighbourhoods such as Kidbrooke Village, South Quay Plaza and Royal Arsenal. Buyers at Berkeley developments outside of London such as Bankside Gardens in Reading and Eden Grove in Staines Upon Thames are also set to benefit from the scheme. Whether buying a first property, moving the family into a bigger home, or looking to purchase a second, the Rate Reducer scheme makes it easier for buyers to purchase their dream home.
Designed specifically for those purchasing new-build homes, the Own New Rate Reducer scheme offers reduced monthly mortgage payments over a fixed term. For instance, at Berkeley’s Kidbrooke Village, buyers could secure rates as low as 1.83% compared to prevailing rates that are coming up at well over 4.6% [1]. Houses require a minimum of 10% deposit, while apartments mandate a minimum of 20%.
Based on a purchase price of £422,500 at Kidbrooke Village:
| 60% | 75% | |
| 2 year - 5 % Incentive | ||
| Lender Own New Rate | 0.99% | 1.83% |
| Monthly Payment | £714 | £1,022 |
Based on a purchase price of £377,500 at Lombard Square:
| 60% | 75% | |
| 2 year - 5 % Incentive | ||
| Lender Own New Rate | 0.99% | 1.83% |
| Monthly Payment | £638 | £913 |
Paul Vallone, Chairman at Berkeley St Edward emphasised the significance of the scheme, saying, “We are delighted to be joining the Own New Rate Reducer scheme to assist more people in finding a Berkeley home in London and beyond. Whether buying a first or next home, apartment or house, this product provides a fantastic opportunity for more people to get a foot on the property ladder and provide them with mortgage rates that have not been seen in the market for well over two years. We are thrilled to be a part of the launch of this new initiative, making it possible for a wider range of buyers to own a new-build home."
Eliot Darcy, the entrepreneur behind Own New, expressed his vision for the partnership, saying, "Own New is aimed at creating a fairer system of lending to make home ownership attainable to more people. It is based on the belief that you should be able to buy your first or next home without the need to spend years saving for a large deposit."
For more information on the Own New Rate Reducer scheme and the homes available with Berkeley Group visit our Own New Page.
[1] An example based on buying a Berkeley Group house with a purchase price of £500,000, with a minimum of 10% deposit.