Mutual launches two-year products; lender drops standard variable rates
Dudley Building Society and MPowered Mortgages have both announced new rate adjustments aimed at providing more affordable options for borrowers.
Dudley Building Society has launched three two-year discount mortgage products for residential borrowers across three loan-to-value (LTV) tiers, including the reintroduction of a 60% LTV option.
Rates are set at 5.18% for 60% LTV, 5.38% for 75% LTV, and 5.58% for 90% LTV, following discounts of up to 61 basis points (bps).
“The launch of this suite of two-year discount mortgage options, is designed to meet the needs of a broader range of borrowers by providing a range of compelling options that balance competitive rates with short-term flexibility,” said Robert Oliver (pictured left), distribution director at Dudley Building Society.
“We believe these new products will help more people secure financing tailored to their specific goals — whether they’re first-time buyers, refinancing, or simply looking for a flexible mortgage solution.”
Last month, the mutual introduced a new range of five-year fixed rate mortgage products, available for residential, expat, buy-to-let, and holiday let customers, offer LTVs of up to 90%.
Meanwhile, digital lender MPowered Mortgages has reduced its standard variable rate (SVR) by 75bps, bringing it down from 7.49% to 6.74%.
The lender also reduced its tracker margin by an additional 50bps, positioning its SVR at just 1.99% above the base rate — one of the lowest in the market.
“Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR,” said Stuart Cheetham (pictured right), chief executive of MPowered Mortgages. “We are pleased to not only pass on the full bank base rate reduction, but also an additional 0.50% cut to fully support borrowers in the market. Additionally, our SVR by tracking bank base rate, is fully transparent to consumers and will mean any future rates will be passed on.
“As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next.”
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