An introduction to the Own New Deposit Drop

Posted 03/06/2024

Higgins Homes is excited to announce our partnership with Own New to bring you the Own New Deposit Drop scheme—a fantastic opportunity designed to help first-time buyers, young professionals and those struggling with a tough housing market to step onto the property ladder with ease. If you've been dreaming of owning a home but have been deterred by the high deposit requirements alongside various other costs, this scheme could be your key to unlocking homeownership.

What is Own New Deposit Drop?

The Own New Deposit Drop scheme offers 95% mortgages for new-build apartments, making it easier for a diverse range of people to access affordable mortgages and become proud homeowners of a shiny new pad. Currently available at our Ecole development of new luxury apartments in London’s vibrant SE16 postcode, this scheme is tailored to help home buyers secure their dream home with a reduced deposit.

Key Benefits of Own New Deposit Drop

1. Reduced Deposit Requirements

With just a 5% deposit required, Own New Deposit Drop significantly lowers the initial financial barrier to homeownership. This means that for a property priced at the scheme’s maximum of £500,000, you only need a deposit of £25,000.

2. Competitive Mortgage Rates

The scheme offers access to competitive mortgage rates, ensuring that your monthly payments are affordable and manageable.

3. Full Ownership

You get to own 100% of your new home, without any shared ownership complications. This means you have full control over your new home and can benefit from any future property appreciation.

4. Inclusive Eligibility

The scheme is designed with a wide range of buyers in mind. Whether you are self-employed, have multiple sources of income, have previously been furloughed, or do not yet have a credit rating, you can still be assessed based on your ability to make repayments.

How the Scheme Works

Step 1: Find Your Dream Property

Start by exploring our range of newly built properties at Ecole, centrally located in buzzing Bermondsey and perfect for city workers seeking a blend of culture, community and convenience.

Step 2: Arrange Your Mortgage

Once you've chosen a property, arrange your mortgage with one of our approved Own New mortgage brokers. They will guide you through the process and help you determine if the Own New Deposit Drop is the right fit for you.

Step 3: Secure Your New Home with Just a 5% Deposit

With the mortgage arranged, you can secure your new Higgins Home with only a 5% deposit.

Step 4: Enjoy Full Ownership

Move into your beautiful new home and enjoy the benefits of owning 100% of your property from day one.

Properties Available

The Own New Deposit Drop is currently available on properties priced up to £500,000 at our Ecole development in Bermondsey. This modern and stylish development offers a variety of new-build apartments, perfect for first-time buyers and young professionals looking to settle in a vibrant and well-connected part of the city.

Why Choose Higgins Homes and Own New Deposit Drop?

At Higgins Homes, we understand that buying a home is one of the most significant financial commitments you'll make. That's why we've partnered with Own New to create a scheme that makes this milestone more accessible. Own New Deposit Drop is not just about reducing the deposit—it's about providing a pathway to homeownership that is inclusive, straightforward, and supportive of your financial situation.

If you’re ready to take the next step towards owning your home, explore the Own New Deposit Drop scheme today. For more information and to start your journey, contact us here.