Support scheme launched for home buyers on new estate between Horsham and Crawley

Housebuilders Crest Nicholson have teamed up with the company Own New to launch the scheme at its Faygate development Kilnwood Vale.

The scheme – Rate Reducer – aims to make it easier for home movers and first time buyers to buy a home via access to lower rate mortgages.

Under the scheme Crest Nicholson contributes between 3 per cent to 5 per cent of the purchase price of an eligible new build home, giving buyers access to a regular mortgage, but at a reduced rate for the initial period of fixed interest.

The scheme is open to home movers and first-time buyers and is available on several homes at the Kilnwood Vale development.

Crest Nicholson says the scheme could lower a buyer’s mortgage rate by up to 3.19 per cent saving them £600 per month on their payments.

It is accessible via selected lenders and interested buyers must be financially eligible and pay a minimum 10 per cent deposit.

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Crest Nicholson South sales and marketing director Eileen Guihensaid: “We are keen to do all we can to help people get on or move up the property ladder, as we help thousands of customers across West Sussex to realise their home ownership dreams.”

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.”