Housebuilder Banks Homes has signed up to an awardwinning national mortgage scheme that aims to make home ownership more attainable for more people.
The Own New Rate Reducer takes housebuilder incentives, which are used to top up somebody’s deposit, and invests them into the mortgage to allow lenders to offer lower monthly rates and homebuyers to own 100 per cent of their new property.
Own New, which won the Innovation In Personal Finance category at the 2023 Moneyfacts Awards, works with a growing range of well-known mortgage providers, including Virgin Money, Halifax and Darlington Building Society.
Banks Homes is now offering the Own New option on selected plots at its new Cathedral Meadows development in West Rainton, where two five-bedroomed show homes officially opened their doors just before Christmas.
Aisling Ramshaw, head of sales and marketing at Banks Homes, says: “We’ve welcomed hundreds of visitors from across the region to Cathedral Meadows over the last month and are thrilled with the feedback we’ve had about the sustainable, contemporary living spaces we’re creating in West Rainton.
“Own New offers a new approach that is making it possible for more homeowners across the UK to buy the homes they want and by signing up to what they offer, we’ll be providing a valuable extra incentive for people looking to move to Cathedral Meadows.”
Banks Homes is building 150 high specification new homes at Cathedral Meadows, which will include 120 detached, three-to-five bedroomed family homes and a further allocation of 30 affordable properties.
A bespoke range of seven different house types has been created for the development, with each property featuring an advanced Hive heating system, an Omega kitchen, Porcelanosa bathrooms, a Ring video doorbell, a full range of kitchen appliances, bi-fold doors and a fully-turfed garden.
Cathedral Meadows will also include a new play area, new landscaped areas and new areas of public open space, with the first occupants scheduled to be moving into their new homes there later this year.
Aisling Ramshaw continues: “The build quality, the high design specification and the style we offer as standard at Cathedral Meadows have been very well received by our show homes visitors, and it’s very pleasing to see a growing number of property reservations being taken by local homebuyers.”
For further information on the Own New reduced rate scheme, or on the Cathedral Meadows development, please visit www.bankshomes.co.uk/development/ cathedral-meadows-development or call 0191 378 6200.