As first-time buyers, the Jack and Jacob used a mortgage broker recommended by Barratt Homes’ new build sales team. The broker introduced them to the Own New scheme which meant they could secure a mortgage at a competitive rate with just a 5% deposit.

“The Own New initiative has been brilliant for us,” said Jack, who is studying at Newcastle University. “The deal we have got will see us pay £1,050 a month on the mortgage for our own three-bedroom house while the flat we were sharing in Newcastle city centre was costing £1,200 a month to rent.”

Moving from renters to homeowners

Jack and Jacob decided to buy their first home together in January this year, as the lease for the flat they were renting was coming to an end.

“It suddenly dawned on us that maybe we should be looking at buying a home together rather than renting,” said Jack. “We spotted Barratt Homes’ Burdon Green development in the city and made an appointment to pop along.

“The sales advisor took us to see a three-bedroom Moresby house and even though it was just an empty shell we both fell in love with it at first sight. We peeked through the windows and could picture ourselves living there. We knew we had to have that house.”

Using a broker to understand mortgage options

Jacob and Jack had explored their affordability options ahead of reserving the new build home and had earmarked a mortgage with a lender over a 40-year term.

“We had tried to get other mortgage deals, but some banks wanted a five-year credit history, which was impossible for us at our age,” Jack explained.

“We spoke to the sales team who advised us to call their nominated broker New Homes Mortgage Services,” said Jack. “They told us about the Own New scheme provided through the Darlington Building Society which offered 95 per cent mortgages.”

The Own New scheme is exclusive to new build homes and offered by a number of developers.

Similar to Deposit Unlock, the scheme helps buyers to secure a mortgage at a competitive rate with a 5% deposit at no cost to the buyer.

The scheme meant that Jack and Jacob were able to secure a mortgage on terms they were comfortable with, using their £11,500 deposit.

“It seems amazing to us that we can actually buy our own house and it costs us less each month than the rental on the flat we were living in,” said Jack. “Now, instead of paying rent, we are investing in our own home which is much bigger and has a garden.

“The Own New scheme has really worked for us and the people at both Barratt Homes and New Homes Mortgage Services were great and helped us through the whole process. We would have no hesitation in recommending them all to our family and friends.”

For more information about Barratt Developments’ Burdon Green site, visit www.barratthomes.co.uk/Burdon-Green

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