Chorley Update

Updates to Our ‘Own
New’ Range and Builders
Incentive Criteria

What’s changed?

Own New isn’t simply another first-time buyer mortgage – it is a new-build proposition where the
developer’s incentive is used to reduce the customers mortgage rate. The product range now includes
mortgages with reduced rates and products that help reduce the deposit required.

As well as that, we will now accept a 5% builders’ incentive towards the deposit at 95% LTV requiring
no further deposit from the customer and this can be used with our standard product range.

The Own New mortgage products are only available to customers through intermediaries, but you must
be registered with Own New to access the products. The products are available to anyone purchasing a
new build property, however, not every new build home is eligible. For more information about eligible
properties visit the Own New website.

95% LTV with 0% Applicant Deposit

Builder-Gifted Deposits: We now accept a 95% LTV on new build houses using a 5% builder-gifted
deposit (on standard products).

Own New Rate Reducer

Own New Rate Reducer mortgage products are available to anyone purchasing a new build property,
including first-time buyers and home movers.

Builders often provide an incentive (typically 3-5%). Own New allows builders to apply that incentive
directly to your clients’ mortgage, leading to a reduced interest rate during the initial product term.

Own New Flex

Incentive Splitting: We now offer Own New Flex, allowing clients to split the 5% builder incentive. They
can use 3% towards reducing the initial interest rate and 2% towards the deposit.

In combination with Own New we allow:

No Credit Scoring: Applications are assessed on a non-credit scoring basis.

Light Adverse Allowed: Up to 2 defaults accepted (combined total under £1,000, restricted to utilities,
communications, or insurance). Up to 1 CCJ accepted (under £500, restricted to parking tickets).

Flexible Funding: We accept gifted deposits from non-family members.