The mutual will lend up to 70 per cent loan to value (LTV) on amounts between £1.5m and £2.5m, and up to 80 per cent LTV for loans between £1m and £1.5m.
The five-year fixed rate product is priced at 3.34 per cent and comes with a £499 arrangement fee. It is also subject to early repayment charges of three per cent for the first two years and one per cent for the remaining three years.
Dudley Building Society’s chief executive Jeremy Wood (pictured) said the change to its large loan product followed feedback from introducers.
He said: “It has been clear for some time that broker firms are encountering more clients whose funding requirements exceed many lenders’ criteria. Increasing our maximum loan to £2.5m represents a logical move to meet a genuine need in the market.
“Loans of this size also require special handling, so Dudley’s experience and expertise in manual underwriting offers introducers the perfect product and processing combination that their customers can rely on to purchase or remortgage quickly and efficiently.”
