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Own New and Darlington Building Society launched their 95% mortgage product for new builds.
The 95% mortgage launch, which was announced last December, is for people looking to buy a new home in the Darlington Building Society area.
More than 60 home builders across the country have signed up for the Own New offer as it rolls out nationwide.
Those already living in the Darlington Building Society area of operation include Barratt Homes, Persimmon, Bellway, Homes by Esh, Story Homes, Port Homes, Amethyst, Dere Street and David Wilson Homes.
Own New says it will help fill the gap left by the closure of Help to Buy, allowing people to buy their first or next home if they have a low deposit.
The Darlington Building Society was the first to launch the product with Own New, and other lenders will follow suit in the coming weeks.
Own New founder Eliot Darcy says, “I am delighted that Own New is now available in the mortgage market to help all homebuyers. I strongly believe that homeownership should be based on prospects, not on parents. I made a promise to myself that I would try to solve this problem in the market, and the launch of our first mortgage product is an important step towards achieving this goal.”
“Lenders can now offer better mortgages to people who don’t have a ‘Mom and Dad’s bank’, as well as people who want to move home and need support in the next step.”
Darlington Building Society Executive Director Andrew Craddock adds: “Darlington Building Society is partnering with Own New to enable local residents to buy their new home while supporting home builders in the North East and North Yorkshire.
“The launch of this mortgage is of great importance to homebuyers who previously benefited from the government’s Help to Buy scheme.”
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