A DMS property is a home sold at a discount from the full market value, usually between 20% and 50%, to help eligible buyers afford homeownership. The discount is typically offered by a local authority or housing provider and stays with the property, even when you sell it later.

You will need a minimum deposit for a purchase of 5% or for a remortgage a minimum of 5% of equity remaining in the property.

For a purchase you can borrow up to 95% of the purchase price or valuation (whichever is lower), for a remortgage we can cover any secured lending on the property or any works to be spent on improving the property.

The mortgage has no early repayment charge so has flexibility to make overpayment off the mortgage at any point.

You’ll need a solicitor to:

• Review the resale restrictions
• Register the discount covenant (if applicable)
• Explain any Section 106 agreements or planning conditions

They’ll also make sure the mortgage and title are handled correctly.

To speak to our friendly mortgage advisors, you’ll need to provide your financial details to obtain a decision in principle. When you’re ready to fully apply, you’ll need to have a specific property in mind. When you’re ready to apply for the mortgage, we’ll ask you for:

• Income & expenditure documents
• A copy of the energy performance certificate for the property
• A copy of the build warranty or building certificate
• A copy of your co-housing lease agreement

You will need a minimum deposit for a purchase of 10% or for a remortgage a minimum of 10% of equity remaining in the property.

For a purchase you can borrow up to 90% of the purchase price or valuation (whichever is lower), for a remortgage we can cover any secured lending on the property or any works to be spent on improving the property.