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.