The five-year fixed rate product is priced at 3.34 per cent with a maximum loan to value of 80 per cent. It is also subject to a £499 arrangement fee.

The product, which is available for purchase and remortgage, also has an early repayment charge (ERC) of three per cent for the first two years and one per cent in the last three years.

Addditionally, the mutual has replaced its two-year fixed rate products with a single two-year fixed rate up to 90 per cent LTV with a rate of 3.69 per cent.

It has also cut the rates on other two-year products, including a deal up to 85 per cent LTV, which has fallen by 1.6 per cent to 3.39 per cent, and its 90 per cent LTV product which has fallen by 1.5 per cent to 3.49 per cent.

Sponsored

The new-build energy advantage

Sponsored by Halifax Intermediaries

Dudley Building Society’s chief executive Jeremy Wood (pictured) said: “Here at the Dudley, we are redefining product value by reducing set up costs as well as continuing to simplify our offering.

“The large loan product is a clear example of our intentions by introducing a competitive product which benefits from reduced arrangement costs and a more customer-friendly exit penalty with our new tiered ERC.”