Dudley Building Society is introducing a remortgage product which sets out to help borrowers consolidate their mortgage from a shared ownership or help to buy (HTB) scheme, into a single monthly payment, where they can own 100 per cent of the property with one mortgage.
The post-HTB/shared ownership discount for term scheme is available up to 90 per cent loan-to-value (LTV) and has an intial 3.79 per cent discount. The 1.2 per cent discount from the society’s variable rate is carried for the term of the mortgage, which can be up to 40 years.
Sam Ward (pictured), head of commercial at Dudley Building Society, said: “We are very proud of one of our core aspirations, which is to serve the under-served. Many people who took out HTBs and shared ownership or equity schemes did not really appreciate the millstone they can become.
“Our new product offers a viable remortgage alternative particularly useful for those approaching the end of the five-year rent-free period on HTB loans and are looking to find a way forward. It can also be used to buy back the freehold in the case of properties sold as leaseholds.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
