1.50% Discount for Term Shared Ownership Further Advance
Interest Rates

3.49%

Representing a 1.50% discount off our Residential Standard Variable Rate 

3.8% APRC 

(The overall cost for comparison)

Main Features

Available for: Shared Ownership Further Advances only

Min/Max Adv: £5,000/£1,000,000

Max Loan To Value: 95% of share owned (based on total borrowing with the Society) 

Arrangement Fee: None 

Valuation Fee: A re-valuation fee of £150 may be applicable  

Application Fee: £80

Early Repayment Charge (ERC): 1% of the current balance for the first year and 0.5% for years two and three

Overpayments:   10% of the advance amount can be repaid per annum for three years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum in the first year and a 0.5% charge for years two and three

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

Confirmation from the Housing Association must be obtained in all cases and additional borrowing for shared ownership can only be considered for purchase of additional/final shares and for home improvements. Additional borrowing for home improvements is allowed up to 95% of the current value of the share owned.

Other Features: N/A

Please note that we will consider the following:

  • Guarantor mortgages (max 95% LTV)
  • Self-employed applicants with only 1 year's accounts (Max 95% LTV)
  • Joint borrower, sole proprietor
Representative Example

A mortgage of £20,000   payable over 17 years on our discounted rate at 1.50% below the Society’s Residential Standard Variable Rate of 4.99% (variable) for the mortgage term of 17 years would require 204 monthly payments of £130.12  plus one initial interest payment amount of £59.28

The total amount payable would be £26,858.76   made up of the loan amount plus interest (£6,603.76) and Revaluation fee (£150), CHAPS fee (£25) and Application Fee (£80) 

The overall cost for comparison is 3.8% 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  • All Dudley Building Society mortgage products are subject to limited availability and may be withdrawn at the Society's discretion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