Dudley BS launches First Home Scheme product

01 February 2022

Dudley Building Society has launched a new mortgage product, as they kickstart their support for the government’s First Homes Scheme.

The Scheme assists local first-time buyers with the purchase of a new build home, at a minimum discount of 30% against the market value. So, prospective homeowners can benefit from significant discounts, whilst maintaining full ownership over the property.

In support of the Scheme’s potential to help serve underserved applicants, Dudley BS has introduced a Five Year Fixed First Homes product, with a rate of 2.99%. To maximise their support for applicants, the product has a maximum LTV of 90%, with a maximum loan size of £225k for everywhere except London where the maximum loan size is £378k.

Speaking about the Society’s involvement with the First Homes Scheme, Commercial Director, Kieron Blackburn, said “Our purpose of making homeowners’ dreams a reality is something that we constantly strive towards. We have seen the impact that ever-increasing house prices have had upon prospective borrowers, who struggle to meet affordability in their current circumstances. This has prompted us to continuously review our mortgage offering, so we can ensure it meets the needs of the underserved.”

Kieron continued, “Our dedication towards providing solutions where others can’t has drawn us towards supporting this Scheme, and our new product offering is designed to meet the needs of first-time buyers who struggle to get onto the property ladder. The government assistance that the First Homes Scheme provides is a step towards improving affordability for prospective borrowers, and we look forward to being involved in this important initiative to enable more people to buy their own homes.“