1.00% Shared Ownership Discount for Term Further Advance
Representing a 1.00% discount off our Residential Standard Variable Rate which is currently 4.99%
(The overall cost for comparison)
Available for: Shared Ownership Further Advances Only
Min/Max Adv: £5,000/£1,000,000
Max Loan To Value: 85% of share owned (based on total borrowing with the Society)
Arrangement Fee: None
Valuation Fee: A revaluation fee of £150 may be applicable
Early Repayment Charge (ERC): 1% in the first three years
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
Restrictions: This 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 are allowed up to 85% of the current value of the share owned.
Other Features: N/A
A mortgage of £20,000 payable over 17 years on our discounted rate at 1.00% 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 £135.18 plus one initial interest payment amount of £65.59.
The total amount payable would be £27,897.31 made up of the loan amount plus interest (£7,642.31) and Revaluation fee (£150), CHAPS fee (£25) and Application Fee (£80)
The overall cost for comparison is 4.3% APRC representative.
- 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- All Dudley Building Society mortgage products are subject to limited availability and may be withdrawn at the Society's discretion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