Cavanna Homes partners with Own New to offer buyers lower mortgage rates

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We are pleased to offer new home-buyers the chance to save on their mortgage repayments in a new partnership that can cut the monthly cost of a new home mortgage.

We’ve joined forces with Own New, which helps the buyers of new homes access lower-rate mortgages, saving them hundreds of pounds during the crucial early years of a home loan.

The scheme, called Rate Reducer, is funded through a subsidy paid for by Cavanna Homes to the buyer’s mortgage provider and allows new buyers to own 100% of their property, but benefit from more affordable mortgage repayments.

Grayham Tucker, our Group Managing Director, said: “We’re really pleased to have partnered with Own New at a time when high mortgage interest rates make it particularly difficult for buyers to get onto the housing ladder and for those who already own a home to trade-up.

“Ever since the Government’s Help to Buy scheme ended in March 2023 it has been difficult for homebuyers to take that crucial first step. Our partnership with Own New helps to change that for the better and can benefit movers, as well as first-time buyers.”

Eliot Darcy, the founder of Own New, said: “Higher interest rates combined with high inflation and the resulting squeeze on household budgets have made it more difficult for people to purchase their next home.

“With the support of our housebuilder partners like Cavanna Homes, the Rate Reducer scheme is making it possible for buyers to purchase the home of their dreams, while keeping monthly mortgage repayments to a level they can afford.”

For example, Cavanna home buyers borrowing £345,000 over 40 years and putting down a 10% deposit can expect to save £199 a month on a five-year Rate Reducer mortgage, or save £488 a month on a two-year Rate Reducer mortgage.

On a mortgage of £285,000 over 40 years with the same 10% deposit, monthly repayments would be saving £164 a month on a five-year Rate Reducer or over two years – a saving of £403 a month for the term of the deal.

To discover our new homes across the Westcountry, click here, and book your appointment to meet with our friendly Sales Team to find out more about the Own New Rate Reducer Scheme.