Scottish regeneration specialist Urban Union has teamed up with mortgage rate-reducer Own New to help make buying a new-build home more affordable.

Funded through a subsidy from Urban Union, ‘Rate Reducer’ is a unique mortgage that provides first-time buyers and home movers with access to lower interest rates and reduced monthly payments during the initial fixed term mortgage period (two or five years). Buyers will still enjoy a normal mortgage and own 100% of their new home.

Own New is available on all of Urban Union’s current developments in Glasgow and Edinburgh.

In Glasgow, the award-winning Laurieston Living development on Gorbals Street just south of the Clyde, combines stylish design, a prime location and customisable interiors. Plots start from just £170,000, with the latest phase delivering 191 new homes and apartments.

In Edinburgh, North Four on Ferry Road offers a selection of high-quality two, three and four-bedroom homes. Each property is highly energy-efficient, with excellent transport links and amenities nearby, and is located less than four miles from the city centre.

Kirsty Parry, Sales & Marketing Director, Urban Union, commented: “We have partnered with Own New to bring our homebuyers a new way to get an affordable mortgage on a new-build property. This benefit complements the range of initiatives we already offer, making owning a high-quality Urban Union home even easier.

“Our homes in Edinburgh and Glasgow offer the ideal combination of location, community and modern design. With this scheme in place, buyers can enjoy lower rate mortgages and have more to spend on the things that matter.”

Eliot Darcy, 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 house builder partners like Urban Union, 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.”

Own New works behind the scenes with home builders, mortgage lenders, and brokers with the goal to help first-time buyers and home movers get low-rate mortgages. Independent financial advice must be sought. Your home may be repossessed if you do not keep up your mortgage repayments.