Own New: Eligibility and prioritisation

What is the Own New eligibility criteria?

The Own New scheme is open to a wide range of purchasers, offering an accessible route to buying a new-build property with reduced interest rates on initial mortgage payments through their Rate Reducer product.

Subject to each lender’s criteria, Own New is available on flats, apartments and houses, low and high-value properties, and there are no regional price caps. It is available for people buying their first home and those moving up the property ladder.

Am I eligible for Own New?

To qualify for the Own New Reducer Rate, you’ll need to meet the following criteria:

• Age requirement: Applicants must be at least 18 years old.
• Deposit: A minimum deposit of 5% of the property value is required.
• Property type: The scheme is exclusively available for purchasing newly built homes and there are no price restrictions on available properties.
• Financial assessment: Applicants must undergo a financial evaluation to ensure they can afford the mortgage and associated costs.

Is Own New available to all types of buyers?

Yes, the scheme is open to anyone who meets the eligibility criteria, including:

• First time buyers: Ideal for those stepping onto the property ladder for the first time.
• Home movers: Suitable for individuals or families looking to upsize, downsize, or relocate.
• Homeowners transitioning from other schemes: Own New can also benefit those moving from Shared Ownership and other affordable homeownership schemes.

While the scheme is broadly accessible, applicants should note that eligibility is subject to financial checks and the availability of participating housebuilders in their chosen location.

What are the prioritisation rules for Own New?

Own New aims to make homeownership accessible without imposing strict prioritisation rules. Properties are typically offered on a first-come, first-served basis, provided applicants meet the eligibility criteria. However, some factors may influence prioritisation:

1. Participating housebuilders: Availability may depend on housebuilders participating in the Own New scheme. Buyers are therefore encouraged to check property listings for eligible developments.

2. Local housebuilder requirements: Certain developments may prioritise applicants who live or work in the local area, based on agreements with local councils.

3. Mortgage approvals: Buyers will need to secure a mortgage through an approved Own New broker, ensuring alignment with the scheme’s requirements.

Ready to find an Own New home?

Own New properties are coming soon to Share to Buy. If you’re considering Own New as your pathway to homeownership, our property portal is the perfect place to start. On Share to Buy, you can also learn more about how the Own New Reducer Rate works, and the costs associated with the scheme.