If you're dreaming of owning a beautiful new build home but struggling with the size of the deposit or monthly payments, the Own New scheme could be your ticket to homeownership.
At Calluna Financial, we're proud to announce that we are now registered and approved with the Own New scheme - a game-changing initiative that opens the doors of new homes to more buyers than ever before.
In this article, we’ll explain exactly how the Own New scheme works, who it’s for, the benefits it brings, and how we can help you take full advantage of it.
What Is the Own New Scheme?
Own New is a private, lender-supported initiative designed to make new build homes more accessible for a wider range of buyers. It's not a government scheme, but it works in close partnership with major lenders, house builders, and approved brokers - like us.
At its core, Own New is about making the dream of homeownership possible - especially for people who might otherwise be blocked by high deposit requirements or monthly affordability constraints.
There are two products available under the Own New banner:
1. Own New: Deposit Assist
2. Own New: Rate Reducer
Let’s break them down.
1. Own New: Deposit Assist
Perfect for: First-time buyers or movers with low savings.Deposit Assist helps reduce the minimum deposit required to secure a mortgage on a new build home. Traditionally, you might be asked for a 10–15% deposit - which could mean saving up tens of thousands of pounds.
With Deposit Assist, you may be able to buy your new home with just a 5% deposit. The lender receives a top-up from the builder to cover more of the deposit requirement, meaning less pressure on your own savings.
Example:
- Property Price: £250,000
- 10% Deposit Required: £25,000
- With Deposit Assist: You provide £12,500 (5%), and the builder contributes the remaining £12,50
This can make a huge difference, especially for first-time buyers struggling to save while paying high rents.
2. Own New: Rate Reducer
Perfect for: Buyers concerned about affordability and monthly costs.Rate Reducer is designed to lower your monthly mortgage payments by securing a reduced interest rate for an initial period of your mortgage. This is possible through a contribution from the developer, which acts as a kind of subsidy to the lender.
This can be especially helpful in today’s market, where rising interest rates have made borrowing more expensive. By reducing the rate, it lowers your monthly costs, making it easier to pass affordability checks and giving you breathing space in your budget.
Example:
- Without Rate Reducer: £900/month mortgage
- With Rate Reducer: £700/month mortgage (savings of £200/month for a fixed period)
Why This Matters Right Now
Let’s face it - buying a home in the current market isn’t easy. Between cost-of-living pressures, higher mortgage rates, and inflated house prices, many would-be homeowners are finding themselves priced out.
Own New offers real, practical solutions to these challenges. And with us now being approved to arrange these mortgages, we can help you access these benefits straight away.
Who Can Use the Own New Scheme?
One of the best things about Own New is how flexible it is. Unlike some other schemes, it's not restricted to first-time buyers or those on low incomes.You can use Own New if you are:
- A first-time buyer
- An existing homeowner looking to move
- A single buyer or a couple
- Buying a new build home from a participating developer
- Able to pass lender affordability checks
Own New is designed to work alongside your mortgage - it doesn't replace it. The scheme simply enhances your borrowing power or makes it easier to qualify, depending on the product you're using.
Why Choose Calluna Financial?
We’re thrilled to share that we are now a registered and approved Own New broker. This means we’ve gone through all the necessary training and approvals to offer these exclusive mortgage options to our clients.
When you choose to work with us, you get:
Exclusive Access to Own New Mortgages
These products aren’t available to all brokers. By working with us, you gain access to lenders who are part of the Own New scheme and the products they offer under it.
Expert Advice and Guidance
We’ll help you understand which Own New product is best suited to your situation - whether it’s Deposit Assist or Rate Reducer - and guide you through every step of the mortgage application process.
End-to-End Support
From your first enquiry to getting your keys, we’ll be there to ensure everything goes smoothly. We’ll also work with the developer and lender to coordinate everything behind the scenes.
Competitive Lending Panel
Because we work with a wide panel of lenders, we can ensure you’re getting a great deal - whether through the Own New scheme or standard mortgage routes.
Case Study: How Own New Helped One of Our Clients
Let’s look at a real-life example (client name changed for privacy):
Client: Sarah, 29, first-time buyer
Home: 2-bed new build priced at £210,000
Savings: £11,000
Problem: Needed a 10% deposit (£21,000), couldn’t proceed
Solution: We arranged an Own New: Deposit Assist mortgage, using Sarah’s £11,000 as a 5% deposit. The developer contributed the remaining 5%, and Sarah secured her dream home with a mortgage from one of the scheme’s partnered lenders.
Result: She moved in within 6 weeks, with lower upfront costs and a monthly payment she could comfortably afford.
FAQs About the Own New Scheme
Do I Still Need A Mortgage With Own New?
Yes - the Own New scheme works in partnership with traditional mortgage lenders. You’ll still need to apply and qualify for a mortgage, but the scheme enhances your buying power.
Is This Only For New Build Homes?
Yes. The Own New scheme is only available on eligible new build homes from participating developers. We can help confirm whether the home you're interested in qualifies.
How Long Does The Application Process Take?
It’s similar to a normal mortgage process - but with our help, and the streamlined systems in place through Own New, the turnaround can be quite fast, especially for motivated buyers.
Will Using The Scheme Affect My Credit Score?
No. Applying for a mortgage will include standard credit checks, but the Own New scheme itself has no negative impact on your credit rating.
How to Get Started
Using the Own New scheme through Calluna Financial is simple:
1. Get in Touch
Reach out to us for a no-obligation chat. We’ll learn about your situation, goals, and whether Own New is the right fit for you.
2. Pre-Qualification
We’ll run through your income, deposit, and credit commitments to see what you could be eligible for under the scheme.
3. Mortgage Agreement in Principle
Once we know your affordability, we’ll help secure a decision in principle with a participating lender — this is often enough to reserve a property with a developer.
4. Submit Full Application
We’ll walk you through the full mortgage application process, liaising with the developer and lender to keep things on track.
5. Move In
With Own New smoothing the way, you’ll be collecting your keys in no time.
Is Own New Right for Everyone?
While the Own New scheme offers fantastic benefits to many buyers, it’s important to recognise that it’s not the right fit for everyone. Like any financial product, it comes with criteria and considerations that might make it less suitable for some.
Here are a few situations where Own New might not be the best option
You're Buying a Non-New Build Property
Own New is strictly available only on new build homes sold by participating developers. If you're looking at older properties, resales, or self-builds, this scheme unfortunately won’t apply.
You’re Looking for the Lowest Overall Cost Over Time
Some buyers may prefer to avoid developer incentives and instead negotiate the lowest possible purchase price or interest rate independently. While Own New’s Rate Reducer can reduce payments upfront, it's worth comparing the long-term financial impact - particularly for those with larger deposits or better personal rates available outside the scheme.
You Can’t Pass Standard Mortgage Affordability Checks
Although Own New can improve your chances of passing affordability due to the reduced rates or deposit requirements, lenders will still apply their standard affordability and credit criteria. If you have poor credit or irregular income, you may not be eligible even with the scheme.
You Plan to Move or Remortgage Soon
If you're only planning to stay in your new home for a short time, it’s worth reviewing the terms of the mortgage deal - especially those with a fixed rate via the Rate Reducer - to ensure there aren’t early repayment penalties or fees that could affect you later.
You're Using Shared Ownership or Help to Buy
Own New is a standalone scheme. It doesn't combine with other schemes like Shared Ownership, Help to Buy (in regions where it still exists), or Right to Buy. If you're pursuing one of those options, Own New wouldn’t be compatible.
Still Unsure? Let Us Help
Everyone’s circumstances are different, and part of our job at Calluna Financial is to help you understand all your options, not just the headline offers.
If you’re not sure whether Own New is right for you, we’ll talk you through the pros and cons based on your goals, budget, and timeframe - and if it turns out a different route makes more sense, we’ll help with that too.
Our aim is simple: to help you make an informed, confident decision about buying your next home.
Final Thoughts
The Own New scheme is one of the most exciting innovations in the UK mortgage market right now. It offers a lifeline to those who are ready to buy but held back by affordability or deposit challenges - and it gives developers a new way to help buyers commit with confidence.
At Calluna Financial, we’re proud to be officially approved to arrange these mortgages and delighted to be helping our clients get on - or move up - the property ladder with greater ease.
Whether you’re a first-time buyer, a growing family looking for more space, or just someone keen to make a smart move in a tough market, we’d love to help you explore how Own New could work for you.
