Dudley Building Society has launched three new five-year fixed mortgage products, cutting rates by between 15 and 50 basis points (bps) across its core residential and recently launched Skilled Worker Visa range.
New products include: Skilled Worker Visa five-year fixed – 90% LTV (reduced by 15 bps) rate now at 5.55%. Residential five-year fixed – 75% LTV (reduced by 50 bps) rate now at 5.10%; and Residential five-year fixed – 90% LTV (reduced by 50 bps) rate now at 5.20%.
All products are available with a £999 arrangement fee and support loan sizes from £25,000, up to £1.5m for skilled worker visa cases and £1m on residential applications. Capital and interest repayment is available across the range.
Borrowers can repay up to 10% of the loan amount each year without early repayment charges during the initial fixed period.
Alongside the rate changes, Dudley has outlined the criteria that support its recently launched Skilled Worker Visa offering. The lender will consider applicants with at least 12 months’ UK residence and a minimum of 12 months remaining on their visa, a minimum income of £30,000 and loan to value up to 90%.
Gifted deposits are accepted up to 50%t, with applications considered from any country of origin and across a broad range of professions.
Commenting on the product offerings Dudley Building Society distribution director Rob Oliver said: “We wanted to start the year strongly and so by cutting five-year fixed rates by up to 50 bps provides borrowers with significant savings immediately. These changes also give brokers something practical to take into conversations early in the year, particularly where clients are weighing up longer term stability.”
