Housebuilder Bellway has partnered with Own New to make mortgages more affordable to people purchasing new homes.

A new mortgage product, Own New Rate Reducer, could see buyers of new-build Bellway homes benefit from interest rates below 1.00 per cent.

The product, which launched on Monday 04 March, is available on selected new Bellway homes across the country. It could reduce monthly mortgage payments for buyers at all stages of their homebuying journey.

Maria Seed, Bellway Group Sales and Marketing Director, said: "Here at Bellway, one of our key priorities is putting customers at the heart of what we do. We have a range of incentives available to our customers. Our partnership with Own New on the Rate Reducer product will have a positive effect on affordability for our customers, giving them access to as many ways to purchase as possible, making it easier for more people up and down the country to move.

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"Rate Reducer will provide significant benefits for purchasers, regardless of whether they have a small or large deposit. This could include reducing their monthly outgoings.

"From first-time buyers to upsizers, we would encourage anyone thinking about purchasing a Bellway home to look into this exciting opportunity."

Own New Rate Reducer is funded by housebuilders. Under the scheme, Bellway will pay a three or five per cent subsidy direct to the lender, minus an arrangement fee to Own New, which will be offset against the mortgage interest rate to reduce payments for the first two or five years.

The product is available across the country and has been launched with national lenders Virgin Money and Halifax.