The 75% LTV residential two-year interest-only fix gets a substantial reduction of 80bps
Dudley Building Society has announced significant rate cuts of up to 80 basis points on residential, buy-to-let, holiday let, expat, and self-build mortgages.
Effective from Tuesday, May 28, the mutual’s two-year fixed residential mortgage rates will decrease by 0.70%, bringing rates down to 5.69% for loans up to 75% loan-to-value (LTV) and 5.99% for loans up to 90% LTV.
The Residential Discount for Term rate for loans up to 75% LTV will also be reduced to 5.99%, and the rate for loans up to 90% LTV will be lowered to 6.19%.
The most substantial reduction will be seen in the residential two-year interest-only fixed rate, which will drop from 6.49% to 5.69% for loans up to 75% LTV. The Residential Interest-Only Discount for Term rate will also be reduced to 5.99% for loans up to 75% LTV.
The BTL two-year fixed rate will start at 6.15% for loans up to 80% LTV, and the BTL Discount for Term rate will be lowered to 6.25% for loans up to 80% LTV. Similarly, the two-year holiday let fixed rate will drop to 6.15% for loans up to 80% LTV, with the Holiday Let Discount for Term rate decreasing to 6.25% for loans up to 80% LTV.
For expat mortgages, the residential two-year fixed rate will be reduced to 6.25% for loans up to 75% LTV and to 6.35% for loans up to 85% LTV. The expat BTL two-year fixed rate will now be 6.35% for loans up to 80% LTV. The expat two-year fixed holiday let rate will also be lowered to 6.35% for loans up to 80% LTV.
The Eco Self-Build Discount for Term (Arrears) rate will be reduced to 6.34% for loans up to 80% LTV. The society will lend up to £1.5 million across its expat residential range and up to £1 million across its expat BTL and holiday let range, as well as its self-build products.
Dudley Building Society, which slashed interest rates across its range of mortgages for expats and self-build mortgages last month, accepts applications from a wide range of countries and over 160 currencies, and can accept income from both foreign currencies and GBP.
“We are excited to be making significant rate cuts across our mortgage range,” said Robert Oliver (pictured), distribution director at Dudley Building Society. “These reductions, combined with our flexible and manual approach to underwriting, and our dedication to maintaining our service levels, means we can support more brokers and their clients.
“This marks our second rate cut of the year as we continue to offer brokers competitively priced specialist mortgages.”
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