It also launches tiered ERC rates to its products
Dudley Building Society has launched two new five-year fixed rate products, with the purpose of offering applicants the financial security that a longer, fixed term product can provide.
Its brand new five-year fixed rate shared ownership product has a rate of 3.29%, and offers a maximum share of 95%.
The building society has also increased the maximum LTV of its five-year fixed rate expat residential product from 80% to 90%. The maximum loan size of this product has also increased from £1 million to £1.5 million, with a rate of 3.89%.
In addition to this, Dudley has continued to introduce tiered ERC rates to its products, with a discounted ERC rate available following the first year.
“We have been listening to our intermediary partners who have demanded longer term products that provide applicants with additional security,” Jeremy Wood (pictured), chief executive at Dudley Building Society, stated. “Following on from last week’s bank base rate increase to 1%, we expect that fixed rate propositions will only continue to be preferred by applicants.”
He added that since Dudley’s LTV improvements in March, when it increased the maximum share for shared ownership applicants from 90% to 95%, it has maintained the position of servicing the mortgage needs of financially stretched applicants as vital.
“The introduction of this five-year fixed rate shared ownership product is both in response to demand from our intermediary partners, and part of our wider efforts to serve the underserved,” Wood continued.
