Dudley BS launches expat BTL mortgages for ‘under-served’ market

by: Carmen Reichman
  • 22/09/2016
  • 0
Dudley BS launches expat BTL mortgages for ‘under-served’ market
Dudley Building Society has launched a range of expat mortgages for purchase, remortgage and buy-to-let (BTL), targeting UK residents living abroad.

The products are available up to £500,000 and at a maximum 60% loan to value.

They come at a rate of 3.99% for both, BTL and residential, representing a 1.5% discount on the BTL standard variable rate (SVR) product and 1% on the residential SVR. The mortgages are available for employed and self employed borrowers.

Head of credit Jonathan Moore said Brexit had not dampened the demand for expat finance. He said: “We have been taking soundings from our partners and expat mortgages have been one of the areas which has kept coming up as an under-served sector of the market.”

Dudley’s new offering follows the launch of a revamped range of UK-based buy to let products in early September.

The firm reduced its fixed rate products by 0.3%, with new products starting at 2.99%. Dudley also launched three and five-year discounted products and removed early repayment charges on select products.

It said it was responding to a BTL market which “needs encouragement” following recent tax changes such as the 3% Stamp Duty surcharge on second homes and BTLs.

Dudley performed well in the last financial year, with pre-tax profits up £448,000, to £1.3m, and lending levels up 10%, to £57.4m, according to its latest accounts.

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