Furness expands Own New proposition with 3% incentive product range

Furness Building Society has announced a new range of lower rate mortgages for new-build homebuyers, with a 3% contribution through the Own New scheme. The products complement the existing 5% contribution products, with rates starting from 2.01%.

The trailblazing Own New Rate Reducer scheme uses a contribution offered by housebuilders and offsets them against mortgage interest, reducing the buyer’s monthly mortgage payments for a fixed period of two years. There is no cost to the homebuyer and they will own 100% of the property.

Furness’ latest Own New mortgage products are available via brokers for first-time buyers and second or third steppers: 

3% incentive contribution: 

• 3.29% for a two-year fixed mortgage of up to 80% loan-to-value - £999 fee
• 3.77% for a two-year fixed mortgage of up to 90% loan-to-value - £999 fee
• 4.67% for a two-year fixed mortgage of up to 95% loan-to-value - £0 fee


5% incentive contribution: 

• 2.01% for a two-year fixed mortgage of up to 80% loan-to-value - £999 fee
• 2.65% for a two-year fixed mortgage of up to 90% loan-to-value - £999 fee
• 3.61% for a two-year fixed mortgage of up to 95% loan-to-value - £0 fee


Mortgages products can be used by buyers of higher value properties or those interested in a house or apartment. Brokers will help buyers apply for a Furness mortgage in the usual way and applicants’ affordability will be assessed manually by Furness’ expert underwriting team. All products are exclusive to brokers registered on the Own New panel.

Chris Pickstone, Head of Mortgage Strategy at Furness Building Society commented: “As one of the first lenders in the UK to participate in the Own New scheme, we’re pleased to be empowering homebuyers to take their first or next step up the property ladder by adding to our existing range of Own New mortgages.

“The scheme enables buyers to overcome two of the biggest obstacles when securing a home - affordability and deposit. Competitive rates means monthly repayments are reduced and 80-95% loan-to-value mortgages will mean it takes less time to save a deposit.”

Eliot Darcy, founder of Own New, said: “It’s great to extend our partnership with Furness Building Society. These new mortgage products serve to reinforce our aim of helping even more people either buy their first home or make the move to a different property.

“Furness was the first lender to offer Own New Rate Reducer with a 95% mortgage and this latest range continues that effort, making this innovative scheme accessible for buyers with lower deposits.”

The new products complement the existing range of Own New mortgage products available from Furness.

Own New was founded by Eliot in 2022, having set out to create a more accessible system of mortgage lending after being frustrated when he bought his first home. Despite having a stable income, he struggled to secure a mortgage, while friends with wealthy parents enjoyed a much more straightforward route to buying. 

Own New works closely with each lender with a target of giving customers the full benefit of the developer contribution by reducing their interest payments by at least the same value.