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Dudley BS cuts mortgage retention deals; Melton BS adds deals – round-up

  • 17/06/2024
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Dudley BS cuts mortgage retention deals; Melton BS adds deals – round-up
Dudley Building Society has reduced rates across its mortgage retention range by up to 0.7%, its third set of rate cuts this year.

The mutual will lower rates on selected fixed and discounted mortgage retention products in its residential, buy-to-let (BTL), holiday let and expat ranges.

Cuts of up to 0.6% have been made to its two-year fixed residential mortgage retention product and up to 0.7% on interest-only products.

Two-year discount and fixed mortgage retention products begin at 5.49% for both capital and interest-only options up to 60% loan to value (LTV).

On the BTL side, deals have been lowered by up to 0.55% and start at 5.95% for a two-year fixed rate and 5.89% for a two-year discount rate at 60% LTV.

In its holiday let retention range, reductions of up to 0.55% have been applied, with two-year fixed rates priced from 5.95%, and 5.89% for a two-year discount at 60% LTV.

Two-year fixed expat residential and BTL retention rates have decreased by up to 0.45% and are priced from 6.15% up to 70% LTV.

Products have no arrangement fee, and the mutual pays a procuration fee of 0.25% for all existing customer switching products.

Robert Oliver (pictured), distribution director at Dudley Building Society, commented: “Product transfers are increasingly popular at the moment and can offer a quicker, easier, and cheaper option for brokers’ clients compared to remortgaging.

“These latest reductions mark our third set of rate cuts this year and follow substantial reductions across our new borrower mortgage range just last month.

“These cuts, alongside our flexible and manual underwriting approach, position us well to serve both new and existing specialist mortgage customers.”


Melton BS brings out products

Melton Building Society has released a two- and five-year fixed rate at 80% LTV to show its “commitment to offering a wide product range offering good value for borrowers”.

The two-year fixed rate at 80% LTV is 5.15% and the five-year fixed rate is 4.79%. Both have no application fees and a free basic valuation.

Dan Atkinson, Melton Building Society’s head of intermediaries, said: “As a mutual building society, we are committed to supporting more people with their homeownership aspirations; we can do that by offering a wider range of people a broader choice of good-value mortgage products.

“These changes to our product offering are a clear demonstration of how we bring that commitment to life. Alongside our flexible criteria and our new application portal, we are working hard to listen to consumers and brokers to serve customers’ needs and create a positive application experience for consumers and brokers alike.”

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