The Dudley Building Society has simplified its fixed rate product range by replacing it completely with a single new 95% five-year fixed rate product at a rate lower than any of its predecessors.
Instead of having seven separate products with different tiered rates and LTVs, Dudley now has one five-year fixed rate product at 3.45% and up to 95% LTV.
Sam Ward, the Dudley’s commercial director, said: “Our research was telling us that while we were trying to accommodate the maximum number of different customer requirements, the five-year fixed rate range was actually becoming unnecessarily complicated.
“Simplicity should always trump complexity. So now, our introducers don’t have to wade through a mass of criteria when trying to make sure they slot their client into the right product.
“Looking at the number of product options in the market generally, without sourcing systems it would be virtually impossible for brokers to be sure their clients had the right deal. Our response is to take away the extra baggage of differing rates and LTVs and just have one five-year fixed rate, suitable for every customer.”
