First Homes Scheme 2.99% Five Year Fixed 
Interest Rates

2.99%  

Representing a Fixed Rate of 2.99% for the first five years, changing to our Standard Variable rate which is currently 4.99%


4.5% APRC 

(The overall cost for comparison)

Available for: Purchase only

Min/Max Adv: £25,000/£225,000 (£378,000 in London) 

Max Loan To Value:  90% of the discounted purchase price (including arrangement fee) 

Arrangement Fee: £499 

Valuation Fee: Payable on application. See Valuation Fee leaflet.  

Application Fee: £125

Early Repayment Charge (ERC):  3% of the current balance in the first two years and 1% of the current balance for the remaining three years 

Overpayments:  10% of the advance amount can be repaid per annum for five years without incurring a charge. A 3% charge is due on any amount repaid that exceeds 10% per annum for the first two years and a 1% charge is due on any amount repaid that exceeds 10% per annum for the remaining three years

Restrictions: This mortgage must be repaid on a capital & interest basis  

Other Features: Must be through a registered First Homes provider

Please note that we will consider the following:

  • Guarantor mortgages (max 75% LTV)
  • Self-employed applicants with only 1 year's accounts (Max 75% LTV)
  • Joint borrower, sole proprietor

More Information: 

For more information about the First Homes scheme Click here


Representative Example

A mortgage of £144,750 payable over 35 years initially on a fixed rate for 5 years at 2.99% and then reverting  to our current Residential Standard Variable Rate of 4.99% (variable) for the remaining 30 years would require 60 monthly payments of £556.26 and 360 monthly payments of £708.39 plus one initial interest payment of £367.59 

The total amount payable would be £289,777.59 made up of the loan amount plus interest (£144,013.59) and Arrangement fee (£499), Valuation fee (£240), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
 
The overall cost for comparison is 4.5% APRC representative.

Additional Notes
  • This mortgage summary should be read in conjunction with the Terms and Conditions.
  • All Dudley Building Society mortgage products are subject to limited availability and may be withdrawn at the Society's discretion
  • Fees and rates may vary according to the individual case. Fees and rates will be confirmed upon application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE