Bembridge-based Captiva Homes has partnered with Own New to provide home buyers with a scheme designed to make mortgages more affordable for people buying new build homes. Own New is a brand new nationwide scheme and Captiva is proud to be the first to introduce this initiative to Island residents at its Lily Cross Farm development in Godshill. This collaboration highlights the home builders’ commitment to making homeownership more accessible and affordable for Islanders. Funded through a subsidy paid for by Captiva Homes, ‘Rate Reducer’ is a unique scheme that provides movers and first-time buyers with access to lower interest rates and reduced monthly payments during the initial mortgage period. Andrew Titmuss-Morley, Sales Director at Captiva Homes, says:
“Here at Captiva Homes, Island people remain our primary focus, and we are committed to ensuring our homes are achievable for local customers. We celebrate that over 80% of our reservations come from Island residents. “Bringing Own New’s Rate Reducer to the Island is a testament to our dedication to the local community. Making homes more affordable for Islanders is our priority, and we are proud to pioneer this effort”.
Under this scheme, Islanders could now access mortgage rates as low as 1.15%, significantly reducing the financial burden associated with homeownership. For more information about the scheme see www.captivahomes.co.uk/own-new.
A sprat to catch a mackerel, no doubt, and shows the buyers are once again calling the shots.
If we all voted REFORM then without boatloads of illegals who they and we all know will be eventually filing our homes, house prices and building land would certainly be far, far lower.
Hence with MPs owning vast amounts of both property and land , the government allows in so many.
Vote Reform, the party putting others need and not politicians greed back into politics
I thought one of the Deform candidates felt that women are just sponging off of men and should have all healthcare and benefits removed. Hardly putting others needs back into politics. Vote Deform at your peril.
In 2023 11% of the 685,000 net immigrants were asylum seekers or refugees. Approximately 75,000 a lot being from Ukraine, and I’m pretty sure they won’t be buying houses any time soon to push the prices up.
If we were in the EU we would still be part of the Dublin regulation which would allow us to transfer migrants back to the first country of entry to the EU. Yet you think the Brexit/Reform party which pushed for Brexit will fix it?
They are using your fear of foreigners to gain power to push to reduce taxes on their wealthy friends. Farage is an ex-banker he’s not on the side of the workers.
Pop eye sadly you have shown your deep ignorance in just a few words
“I am pretty sure they ( Refugees) won’t be buying a house anytime soon to push the prices up “
Supply not exceeding demand is what pushes prices up.
So as more immigrants arrive and have offspring FASTER than we can ever build homes for our own people let alone them , then as they all will be living somewhere, the ‘somewhere’ will be taken that residence off the market for a British family, thus forcing them to pay more for the limited housing stock left available.
Likely too dim to understand this.
Excellent word play there Bluto to spin this around. If illegal, or legal, immigration is such a concern of yours then why on earth would you vote for Reform who spun us a web of lies in the first place about how leaving Brexit would give us back control of our borders?
Whilst I am a definite advocate of ensuring our country looks after its residents first; meaning strengthening healthcare, education, police, armed forces, industry etc I am afraid Reform are not the way to go? They are probably not much better or worse than the other options BUT to insist they will put things right, when in fact their lies have worsened the situation, is very naive indeed. Still waiting to see any of the alleged £350m savings by leaving the EU.
Utter moonman………
£336,000.
If you cannot afford a house at competivie Market Rates now, you won’t be able to in 2 to 5 Years time when the reduce rates end.
This is not a guarentee of a rate, only a discount of 3.98%- it will move with the market rate. Hopefully this will go down soon, but who knows what could happen after 4th July.
Perhaps ask your candidate for MP why the Price of these homes are over 10 times the average annual Adult wage for IW West?
Please seek independant financial advice before going for one of these Mortgages
With the right solar installation, energy costs could be reduced by ~£1,000 p/a.
It’s fixed for five years!
How did we manage in the late 70’s when the mortgage interest rate was 14% and required a 10% deposit….
presumably because houses were far cheaper in comparison to wages
No it was all proportionate…
Today’s rate does seem cheaper, but alas wages go up everything else goes up , so eventually it was a similar situation to yrs ago .!!!!!
We didn’t waste money on
Smartphones
New vehicles
Tattoos
Vapes
Foreign holidays
We were much smarter, went without holidays some years and
made use with old vehicles etc etc
John you are spot on.
I could add Nail Bar Treatments, Botox, illegal drugs, ludicrously expensive trainers, designer label clothes.and pay to view television.
It’s a matter of priorities !.
In 1991, the average mortgage rate was 15.7%. Mortgages were calculated three times a person’s annual salary, and if they wanted a joint mortgage, the second income was x 1.
Also, following the Gulf War, the value of homes decreased substantially, putting many into negative equity.
What we did was work hard. Not 16 hours a week. Had a few beers at the weekend. And start again Monday.so we can sit back and relax.
14% on a significantly cheaper house (compared to salaries at the time) is still a lot less than 5% on something that will take your entire life to pay off.
According to the HM Land Registry data, the average house price in the UK in January 1970 was £3,920.
In 1970, the average salary for teachers in schools in England and Wales was approximately £1,646 per year.
So, the house cost 2.5x your salary.
Now it’s over 10x the salary.
Even with a lower rate, it’s still vastly unaffordable by comparison.
There was never such a thing as a cheap house in London. No teachers salary for me or the wife. just working class people who slaved three jobs each, often 7 days a week for the next 25 years. No holidays, car was from a scrappy and often couldn’t afford petrol anyway.
The mortgage was almost impossible to get as they would only take our basic wage into consideration….
You can Google facts and figures as much as you want, it doesn’t tell the full story.
Don’t forget that Thatcher made more women work and house prices rocketed because mortgages were then calculated as a multiple of joint income rather than a single income. At present, an average teacher in the UK earns £37k, so if two teachers are buying a house, then 3 x £74k is £224k plus your 10% deposit = about £240k, which buys 594 houses/flats listed currently on the island on Rightmove. People on low wages have never been in a position to buy a house but many flats are perfectly affordable. There is no problem. If you want a better house, you obviously need to get a better job.
Because the house cost v salery was a realistic 4-5x. It’s now 10+
Average salary today is £36,000 – 5 x 36 = 180 (as in £180,000)
A quick Rightmove search shows 735 properties on the Island for £180,000 or lower.
Not so different really…well apart from in 1980 we also had inflation running at 18% as against less than 2% today…
All very nice to be able to buy at low rate, but who wants to buy at ANY rate surrounded by low life. It’s not just about low mortgage rates, it’s the nature of the neighbours
I am pretty sure that low lifes won’t be buying these properties (or any properties because they want the state to pay all their bills).
Oh how wonderful & kind of them, Captiva out of the goodness of their hearts !!!!! Greedy developer’s concreting over the Island for us. How grateful we are to you, bet they won’t be living anywhere near the disruption & constant road closures & beeping dusty lorries backing up & loud music from the builders.
The cost is added to the price of the house. Remember, there is no such thing as a free lunch and if it’s too good to be true, it probably is. While they’re at it, 9 solar panels minimum plus a 10kW barttery to make the houses ‘eco friendly/green’.
“lower interest rates and reduced monthly payments during the initial mortgage period”
How long? A year? A week? A month?