Dudley Building Society has nearly doubled its maximum loan size on its large loan product from £1.5m to £2.5m.
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.”
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.
