Dudley joins with 3mc to launch exclusive shared ownership product
Dudley Building Society has joined forces with packager and distributor 3mc to support a new shared ownership product aimed at improving access to affordable housing.
3mc will market the exclusive mortgage from heylo, a registered provider with the Homes and Communities Agency, which works with national and regional house builders to deliver affordable housing across the country.
The mortgage itself has been designed in partnership with Dudley Building Society. Meanwhile, the scheme is supported by Homes England and has granted funding to deliver 180,000 shared ownership homes.
heylo’s Home Reach scheme has delivered a high volume of shared ownership transactions between 2016 and 2020, working with over 80 housebuilders over 200 local authority areas.
Sam Ward, commercial director at Dudley Building Society, said: “We are delighted to be working with 3mc with whom we have built a proactive relationship".
“They fully understand our philosophy that, as a mutual lender, part of our mission is to provide funding where people are not well served. 3mc shares our sense of commitment to providing that support. A shared ownership scheme like this helps more people on to the housing ladder.”
Meanwhile, Doug Hall, director of 3mc, said: “Building societies are not just another branch of the lending industry."
“Apart from fulfilling a fundamental role in their communities as important local hubs, societies like Dudley are demonstrating their commitment to underserved segments of society."
“There is and has been for some time a deep need for more initiatives to help people realise their dream of home ownership. This scheme, which we are marketing, is a demonstration of our joint commitment to meet that need.”
Rupert Mackay, Partnership Director for heylo, commented, “We’re delighted to be a part of this partnership between Dudley Building Society and 3mc with their exclusive “heylo” shared ownership product."
“At heylo, our mission is to help those get on, stay on and move up the property ladder, this partnership will help increase awareness of the tenure and ensures home ownership opportunities are within reach.”