Dudley BS ups lending to 90 per cent LTV and Aldermore and Newbury BS cut rates

Dudley BS ups lending to 90 per cent LTV and Aldermore and Newbury BS cut rates


The 90 per cent LTV mortgages include two and five-year fixed products for purchase and remortgage. Both have a rate of 3.79 per centoffer £150 cashback and a £499 product fee. 

Fee-free options include the two-year fixed at 90 per cent LTV with a rate of 3.89 per cent which has now been widened to the whole of England and Wales, not just the local Dudley area. 

A fee-free five-year fixed has also been launched at 90 per cent LTV. This has a rate of 3.89 per cent. Both products offer cashback of £150. 

The mutual has also added 85 and 87.5 per cent LTV mortgages to its range. This includes two and five-year fixes at 87.5 per cent LTV for purchase and remortgage, both with rates of 3.74 per cent. 

For fee-free options, there are the two and five-year fixes at 87.5 per cent LTV with rates of 3.84 per cent. 

Elsewhere, products at 85 per cent LTV have seen rate cuts of up to 20 basis points. 


Newbury BS reduces rates

Newbury Building Society has reduced rates on standard residential mortgages at 60 and 75 per cent loan to value (LTV) as well as its 95 per cent LTV shared ownership range.   

The products have been reduced by up to 0.50 per cent and the mutual has removed its booking fee from shared ownership deals. 

For existing borrowers, the three-year fixed at 75 per cent LTV has been reduced from 2.49 per cent to 2.14 per cent. 

The five-year discount mortgage at 60 per cent LTV has been cut by 10 basis points to 1.59 per cent and the 75 per cent LTV alternative has seen a rate cut from 1.89 per cent to 1.59 per cent. 

The three-year fixed shared ownership product has been reduced from 4.29 per cent to 3.99 per cent, while the five-year fix has been cut from 4.59 per cent to 4.29 per cent.  

Roger Knight, lending manager at Newbury Building Society said: “We want to offer products which give prospective and existing borrowers the greatest chance to fulfil their homeownership ambitions.  

We believe the decision to reduce a number of our products does just that as we continue to listen to brokers and their clients to ensure we provide the financial products they need.” 


Aldermore cuts product switch rates

Aldermore Bank has reduced rates across its product switches for residential and buy-to-let borrowers with single residential units. 

The rates on two-year fixed mortgages for residential borrowers now start from 2.5 per cent, down from 2.98 per cent while five-year fixes start from 2.8 per cent, down from 3.18 per cent. 

For buy-to-let clients with a single residential unit, two-year fixes start from 2.95 per cent from 3.38 per cent. Five-year fixed rates begin from 3.35 per cent, previously 3.75 per cent. 

Buy-to-let clients with a single resident borrowing through a limited company will now see two-year fixed rates begin from 3.15 per cent, down from 3.38 per cent and five-year fixes start from 3.55 per cent from 3.78 per cent. 

Jon Cooper, head of mortgage distribution at Aldermore, said: “2021 is a year in which we want to show our ambition; we will not settle for simply recovery this year as we move towards a post-pandemic environment, but seek growth and innovation to what we can provide and do for our customers.  

I’m delighted to introduce our new loyalty range which offers some of our cheapest rates yet. This is not the end goal but a next step; we will continue in striving to deliver the best products we can and ensure our service is as straight-forward and seamless as possible as we move forward.”