Discounted Market sale (DMS)
Designed for first time buyers and for people without an interest in another property to get on the housing ladder. JDCIFA is the biggest provider of mortgages for DMS schemes in the Country and was at the forefront of its introduction. We have managed to negotiate exclusive mortgage deals at up to 95% of the discounted purchase price for the DMS scheme.
An applicant may buy a new build property on certain developments for a percentage of it’s current value, provided that when they come to sell it, they only receive the same percentage of it’s current value back. You can staircase (buy the remaining interest) typically, from the Council, who will have an interest in the remaining equity, but it is at their discretion and you will have to do it in one go.
Unlike a shared ownership scheme, there is no rent to pay on the remaining interest held by the Council.
As with most affordable housing schemes, you can generally only purchase a property under the DMS scheme, in a Local Authority you have a link to; for example an Authority that you either live or work in and your household income must be below the limit stated.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances and we will discuss your payment options with you and confirm the actual amount payable before we begin to provide our services.