Dudley Building Society has increased its maximum loan size on ex-pat mortgages from £1 million to £1.5 million and from £500k to £1 million for holiday let mortgages.
The mutual has also introduced a two year fixed rate ex-pat mortgage with a maximum LTV of 80% at 3.89%, along with a reduced rate for their standard residential two year fixed product at 3.39% from 3.69%. ERC rates are also being reduced by adopting a tiered approach which, in this case, means that the second year’s ERC is reduced from 3% to 1% of the loan amount. This approach is being applied as and when new products are launched, with the ex-pat, holiday let and two year fixed products being the first to be refreshed.
Kieron Blackburn, commercial director, said: “We see continuing demand from ex-pat and holiday let customers and it seemed appropriate that we look to enhance our offering in line with our recent increase in maximum loan sizes for our standard large loan product. There are now only two other lenders who can currently match our new loan sizes for ex-pats, and two other lenders that can match our loan sizes for holiday let mortgages.
“Dudley can be very pleased with the progress it has made this year. Thanks go particularly to our introducers for their continuing support. 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.”
