The Dudley unveils post HTB/shared ownership remortgage deal

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The Dudley Building Society is introducing a new remortgage product which helps customers consolidate their mortgage and rental payments from a shared ownership or government subsidy in the case of Help to Buy (HTB), into a single monthly payment, where they own 100% of their property with just one mortgage.

The product, which is available up to 90% LTV carries a 3.79% discount from the Society’s variable rate for the term of the mortgage, which can be up to 40 years.

Sam Ward (pictured), head of commercial at the Dudley Building Society, said: “We are very proud of one of our core aspirations, which is to serve the underserved. Many people who took out HTBs and shared ownership/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.

“All of these schemes provided people with a means to get on the housing ladder which is commendable. However, in many cases the consequences further down the line were not considered. Our goal is to provide people with a real alternative and I am delighted we are able to offer this new product.

“We would urge advisers to look carefully at existing clients and their families, because this is a great opportunity to render a much needed service, which could help transform their relationship with property purchase.”

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