The deal will be available through a select group of packagers which includes Impact Specialist Finance.
It is open to UK citizens who live abroad and want to purchase a residential property. It is available up to 85 per cent loan to value (LTV) for purchase or remortgage. It has a rate of 5.99 per cent, which is a one per cent discount off the mutual’s Standard Variable Rate (SVR).
The mortgage can be taken on an interest-only basis up to 75 per cent LTV.
The minimum available loan is £25,000 while the maximum is £1.5m. It has a £750 arrangement fee and a £125 application fee. It is subject to an early repayment charge of one per cent in the first year and 0.5 per cent in the second and third years. Overpayments of 10 per cent each year for three years are allowed without charge.
Dale Jannels, managing director at Impact Specialist Finance, said: “Despite the challenging economic outlook, it’s great to see lenders such as Dudley Building Society provide choice in an underserved area of the market.
“We see a lot of enquiries from brokers for expat clients, so having this option available should prove extremely popular.”
Robert Oliver, distribution director at Dudley Building Society, added: “It’s great to return to the market with a product that is not readily available to most advisers. This market segment remains strong and offering a lending solution to these clients is really important.
“Working with distribution partners like Impact allows us to continue to develop our proposition.”
