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Dudley BS revamps buy-to-let products

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  • 27/06/2016
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Dudley BS revamps buy-to-let products
Intermediary-only lender Dudley Building Society has launched a range of buy-to-let products.

Fixed for three years, five years or the term of the mortgage, the new products reduce the rates previously available.

The term product comes with a variable rate of 3.19% – a discount of 2.3% from the building society’s current buy-to-let standard variable rate of 5.49%. The three-year fixed rate products start at 3.29% and the five-year products start at 3.59%.

Tiered buy-to-let rental calculations start at 125% for applications with a loan to value of up to 70%, rising to 130% for loan to values of up to 75% and 140% for flats, across all loan-to-values.

All of the products are available for purchase and remortgage.

Jonathan Moore, head of credit at Dudley Building Society, hoped the changes would provide an attractive option for landlords in the wake of the recent changes to Stamp Duty.

He said: “We have introduced a very strong line up of products for the buy-to-let market that reflects our commitment to the sector.

“The buy-to-let market is readjusting to the recent changes to tax relief and our society has responded with a comprehensive range of attractively priced products, where we have cut rates in some cases by up to 0.8%.”

The building society recently reported strong results for the year ending April 2016, with pre-tax profits of £1.3m and total lending of £57.4m for the year.

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