Barratt Homes offers new mortgage product cutting interest rates for buyers of new build homes in the East Riding of Yorkshire

Buyers could have lower interest rate mortgages through a new scheme called Own Rate Reducer that is available for first-time buyers and existing home owners. 

Own New has launched a mortgage product that will bring lower rates for new home purchases. For some buyers with a high deposit or equity, rates of 1.89% could be available. The scheme is available on developments in and around the East Riding of Yorkshire, including Fleet Green in Hessle; Hesslewood Park in Hessle; Queens Court in Beverley; Minister View in Beverley; and Harrier Chase in Brough.

Own New Rate Reducer launched initially with lenders including Halifax and Virgin MoneyLenders Gen H, Furness Building Society and Perenna have also confirmed that they will be offering mortgages through the scheme.

Own New Rate Reducer works by using the incentive budgets that Barratt Homes offers to its customers to reduce their monthly mortgage payments over a fixed term. 

For example, if the housebuilder offers a five percent incentive on a home, the Own New Rate Reducer takes this sum and directly offsets it against the mortgage interest to reduce monthly payments. Buyers can opt to spread the benefit across the first two or five years, depending on their lender’s criteria. 

In addition to cutting monthly outgoings during that time, the customer will pay more off the capital value of their mortgage because the interest charged on the loan is lower.

Lenders will still carry out their usual affordability assessment, to check that the purchaser can afford repayments if the interest rate increases once the fixed-term benefit ends. Also, independent financial advice must be sought from a regulated mortgage broker who has completed additional training to access this scheme.

Barratt Developments, which includes Barratt Homes and David Wilson Homes, worked alongside Own New to design Rate Reducer and was the first housebuilder to launch the scheme. 

Paul Hogan, Sales Director at Barratt Homes Yorkshire East, said: “By launching the Own New Rate Reducer scheme we are helping more people to be able to afford a home within the area.

“The scheme will give buyers the financial boost that they need to get them onto the property ladder. They will be able to compare all the options available to them to make sure they get a mortgage product that is right for them and in their long-term financial interests.”

Eliot Darcy, founder of Own New, said: “Our ethos is to make home ownership and mortgage lending in this country open to more people and we are confident that the launch of the Own New Rate Reducer will achieve that. 

“Alongside the national lenders and housebuilders who have signed up to the scheme, we believe that Rate Reducer will be a significant boost to many people’s home-buying dreams. People can benefit from Rate Reducer whether they have a small or large deposit. 

“We are delighted to be joined by Halifax and Virgin Money for the launch. By working together, we are increasing mortgage lending opportunities and bringing the possibility of owning a new-build home to a wider range of buyers. 

“This is just the product to stimulate the housing market and to give more people a helping hand and an initial boost to get onto the property ladder or to secure that new home that will give them the extra space they need.”    

Own New was launched in 2022 and its Deposit Drop product has been helping buyers in East Yorkshire buy a new home with a five percent deposit since early 2023. 

To access the Own New Rate Reducer, customers will need to speak to a Sales Adviser at one of Barratt Homes’ local developments. They will then be referred to a specialist mortgage broker, who will help progress their application.

For more information on the Own New Rate Reducer please visit and to find out more about Barratt Homes’ East Riding of Yorkshire developments, please visit