Dudley Building Society has streamlined its five-year fixed range by replacing its seven separate deals with different rates and loans to values (LTV) with one five-year fixed product up to 95 per cent LTV.
The product, which is available for purchase and remortgage, has a rate of 3.45 per cent that reverts back to its standard variable rate of 4.99 per cent after the fixed term period.
It has a minimum loan amount of £25,000, with the maximum loan amount capped at £350,000, and has an application fee of £125 along with an arrangement fee of £499.
The product also comes with early repayment charges of three per cent and overpayments of 10 per cent are allowed.
The mutual added that flats or new-builds will not be accepted with this product.
Dudley Building Society’s commercial director Sam Ward said the changes were based on research, adding its five-year fixed rate range was becoming “unnecessarily complicated”.
She said: “Simplicity should always trump complexity. So now, our introducers don’t have to wade through a mass of criteria when trying to make sure they slot their client into the right product.”
“Looking at the number of product options in the market generally, without sourcing systems it would be virtually impossible for brokers to be sure their clients had the right deal. Our response is to take away the extra baggage of differing rates and LTVs and just have one five-year fixed rate, suitable for every customer.”
Dudley Building Society returned to 95 per cent lending on a restricted regional basis in May, having pulled them during the pandemic.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
