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Dudley BS creates discount range for listed buildings

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  • 29/06/2015
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Dudley BS creates discount range for listed buildings
Dudley Building Society has launched a discount mortgage range for borrowers who want to purchase listed building.

After channelling its mortgage distribution exclusively through the intermediary sector the Dudley is now developing new niches to meet the needs of its intermediary clients.

Its listed building product range includes three products aimed at Grade 1, Grade 2* and Grade 2 property with discounts which last the lifetime of the mortgage.

Loans in the product range are available up to 80% loan-to-value (LTV) at variable rates from 3.99% to 4.24%, with an SVR discount ranging from 0.75% to 1% for the life of the loan. Customers can take out loans from a minimum of five years up to a maximum of 25 years except for Grade 1 properties which are restricted to a maximum of 10 years. There is an option to overpay up to 10% of the advance for the first three years.

Jeremy Wood, chief executive of Dudley BS, said the lender had decided to address this niche in lending when it found research showed the sector was underrepresented.

“We believe it is important to support customers who, by occupying these culturally important properties, are helping to keep alive vital parts of our shared heritage. The products we have designed are made more attractive as the discount on the rate we offer extends to the end of the mortgage,” he said.

A number of lenders have focused on niche areas of the industry in recent months, with Fleet Mortgages launching a range for HMOs and limited companies. Keystone amended its criteria to include new build flats and first-time landlords this earlier year.

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