Complex Buy To Let
Dudley hikes maximum BTL loan sizes
Dudley Building Society has increased its maximum loan sizes for holiday let mortgages from £500,000 to £1m.
It has also increased the maximum loan size for ex-pat mortgages from £1m to £1.5m.
Alongside the cap increase, the mutual has launched a two-year fixed rate ex-pat mortgage at 3.89 per cent up to a maximum loan to value (LTV) of 80 per cent.
In addition, the mutual has revamped its early repayment charges (ERC) by adopting a tiered approach, which means that in the second year of a two-year fixed rate the charge drops from three per cent to one per cent of the loan amount. This will apply to new products as they are launched.
Kieron Blackburn (pictured), commercial director at Dudley Building Society, said that the mutual was seeing continued demand from both ex-pat and holiday let borrowers which is why it had opted to increase its maximum loan sizes.
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He added that currently there were two other lenders who could match its loan size for ex-pat and holiday let mortgages apiece.
He continued: “It is satisfying to know that as we approach 2022, the Society is in great shape to go on providing a robust proposition based on strong products, innovative solutions in underserved niche areas like the ex-pat market and underwriting that always seeks to understand the human story behind each application. We are looking forward to being on the road next year and taking our proposition to more brokers.”