A housing developer in Manchester is offering a bargain to potential homeowners concerned by high interest rates. Miller Homes, which has housing developments in Northenden, Stretford and Oldham, has signed up to the 'Own New Rate Reducer' scheme, which slashes the interest rate payable on mortgages for new build homes.
Purchases will still need a 10 per cent deposit, but the interest payable on the initial term of the loan could be slashed by as much as 3.2 per cent.
Though this deal is aimed at first time buyers, anyone looking to move into a newly constructed house could benefit from the Own New scheme.
The founder of the scheme has even said that people who already have property equity could see the return of a sub-one per cent mortgage interest rate. READ MORE: UK wage growth eases as unemployment rises unexpectedly The Own New scheme is open to anyone buying a new build home with selected housebuilders, provided they have a 10 per cent deposit.
Read more on manchestereveningnews.co.uk
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