Build types - Dudley Building Society

For use by intermediaries only. If you are a customer, please visit our consumer website.

New Build/Newly Converted Properties

A ‘new build’ is a property that was first registered two years ago or less, following construction, conversion (excluding flats in buildings built prior to 2000) or material refurbishment. For materially converted properties, it will be for the valuer to determine whether the extent of refurbishment is sufficient to make the property fall into the new build category of valuation.

Maximum LTVs for New Builds:

For houses: 90% for purchase and re-mortgage (shared ownership 95% of share)
For flats / apartments: 80% irrespective of whether purchase or re-mortgage (shared ownership 95% of share)

Where there is an element of capital raising to the application (for re-mortgages):

For consolidation of unsecured or secured debt not related to the security, the maximum LTV will be 75% for both interest only and repayment.
For consolidation of secured loans registered on the proposed security, the maximum LTV will be 75% for interest only and 80% for repayment.

Note: the maximum LTV is based upon the purchase price minus any incentives (such as free white goods).

Property with an Annexe

Applications will be considered in the following situations:

• Where the annexe is used by a dependent relative or au pair

• Where the annexe is vacant

• If the annexe is let commercially, letting must be through a valid commercial letting agreement

• If the annexe is larger than the owner-occupied part of the building, the application will only be considered on Buy-to-Let terms.

Please note: The annexe needs to be on the same title, council tax, and utilities.

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