Dudley Building Society releases new BTL range
27 June 2016
Dudley Building Society, the intermediary only mortgage lender, has released a range of strongly priced new products aimed at the BTL market.
The Society, which announced strong annual results this month, is rolling out new products in a series of announcements over the next month.
Features of the new range include: -
- 2 new Discounted Rate for term products for purchase and remortgage from 3.19% up to 70% LTV (previously 3.99%), 3.49% up to 75% LTV (previously 4.24%)
- 2 new 3 year Fixed Rate products for purchase and remortgage from 3.29% up to 70% LTV (previously 4.24%), 3.59% up to 75% (previously 4.49%)
- 2 new 5 year Fixed Rate products for purchase and remortgage from 3.59% up to 70% LTV and 3.89% up to 75% LTV
- No upper age limits
- Manual underwriting
- Tiered BTL rental calculations from 125% dependent on LTV (125% for up to 70% LTV and 130% for up to 75% LTV; 140% for flats across all LTVs)
- Lends from £25000 to £1 million
Speaking about the new products, Jonathan Moore, Head of Credit, commented, “We have introduced a very strong line up of products for the BTL market that reflects our commitment to the sector. Landlords can choose between discounted rate products where the discount from the SVR lasts for the term of the mortgage or three or five year fixed rate options. Capital repayments of 10% of the advance amount can be made every year, along with interest only and repayment options.
The BTL market is readjusting to the recent changes to tax relief and our Society has responded with a comprehensive range of attractively priced products, where we have cut rates in some cases by up to 0.8%. We are fully committed to the intermediary market and with this range we are offering today’s landlord a particularly well balanced range backed up by individual underwriting which has become a hallmark of our successful distribution strategy.”
