Discount market sale (DMS) is a low cost home ownership product where a new build property or resale property is purchased at a discounted price.
Discount market sale allows you to purchase a new build/resale property that is discounted by at least 20% of the full market value, for example, the cost of purchasing a £250,000 home will be £200,000 after discount.
The scheme aims to help people low and middle income earners living and/or working in the borough to get onto the property ladder.
As the property is discounted, housing costs are reduced significantly. Applicants will need a mortgage and/or savings to cover the discounted price of the property. Monthly outgoings will comprise of a mortgage payment and service charge only.
When selling the property, the same discount is reapplied (on the full market value at the time of the sale) enabling the home to remain affordable to a resale purchaser.