The new mortgage will attract Dudley BS’s current rate of 3.79 per cent. This includes a 1.70 per cent discount off the base rate which applies for the term of the mortgage.
- Up to 70 per cent loan to value
- Terms up to 40 years
- Joint borrower, sole proprietor
- Flexibility of interest only, part & part and capital & interest
- No upper age limit
- Ex-pats and self-employed
- No minimum income
- Multi-tenanted properties accepted
- Loan sizes up to £1m
The product has been developed based on feedback from brokers and will be introduced on a trial basis initially.
Sam Ward, head of commercial at Dudley BS (pictured), said the new product underlined the society’s strategy to identify and service under-served parts of the mortgage market.
Ward said: “With this launch we are reinforcing our commitment to landlords, especially those who tend to be disregarded by more mainstream BTL products.
“We have spent time researching where BTL products have so far failed to address the needs of certain classes of landlord. This led us to building a product that seeks to service landlords who have been under-served.
“We are offering a limited tranche to start and from the reaction of our intermediary partners prior to launch, we are expecting an enthusiastic take up,” Ward added.