The ‘Own New Rate Reducer’ product enables customers to lower their interest rate for the initial mortgage term on a new Miller home while owning 100% of the property. It has been launched with national lenders Virgin Money and Halifax

Since launching on 4 March, Miller Homes has seen growing interest in the scheme, which is open to anyone purchasing a new build home, provided they have a 10% deposit.

Anne Marie Britton, group sales and marketing director for Miller Homes, said: “We are delighted with the initial response to our partnership with Own New and the interest it has generated amongst potential house buyers.

“Given the number of enquiries we have received since launching, this is clearly a product that resonates with individuals and families that are considering their options for buying a new home.

“I look forward to developing our partnership with Own New over the coming months, and I hope first time buyers and existing homeowners who are thinking of making a move will take the time to find out more about the many advantages Own New offers.”

Eliot Darcy, founder of Own New, said: “It’s great to see Own New Rate Reducer resonating so well with customers. Alongside the national lenders and housebuilders like Miller Homes who have signed up to the scheme, we believe that Own New Rate Reducer will be a significant boost to many people’s home-buying dreams.

“People can benefit from Rate Reducer whether they have a small or large deposit. For some people who already have equity in their home, it could herald the return of the sub-one per cent mortgage deal. By working together, we are increasing mortgage lending opportunities and bringing the possibility of owning a new-build home to wider range of buyers.”