Dudley Building Society has launched a new mortgage product that will be available via the government’s First Homes Scheme.
The scheme assists local first-time buyers with the purchase of a new-build home, at a minimum discount of 30% against the market value, and gives prospective homeowners the opportunity to maintain full ownership over a property.
Under the scheme, Dudley has introduced a five-year fixed First Homes product, with a rate of 2.99%. The society added that to maximise its support for applicants, the product has a maximum LTV of 90%, with a maximum loan size of £225,000 for everywhere except London, where the maximum loan size will be £378,000.
The society’s commercial director, Kieron Blackburn, commented: “Our purpose of making homeowners’ dreams a reality is something that we constantly strive towards. We have seen the impact that ever-increasing house prices have had upon prospective borrowers, who struggle to meet affordability in their current circumstances. This has prompted us to continuously review our mortgage offering, so we can ensure it meets the needs of the underserved.”
Blackburn added: “The government assistance that the First Homes Scheme provides is a step towards improving affordability for prospective borrowers, and we look forward to being involved in this important initiative to enable more people to buy their own homes.”
Latest News
-
Inflation remains at 3.8% in August
-
UK house price growth slows to 2.8% in July – ONS
-
Third of UK adults relying on inheritance to fund retirement
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
Becketts acquires Swallow Financial Planning
-
‘Fear of rejection’ biggest barrier for one in three aspiring buyers
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories