The Dudley Building Society has introduced new buy-to-let products, rate reductions and criteria changes.
All buy-to-let fixed rate products have been reduced by 0.30 percentage points, with rates now starting at 2.99%.
Products now include options with no ERCs, while new three and five-year discount products have been unveiled, with a maximum ERC period of three years.
The majority of its buy-to-let products now carry a new maximum loan amount of £1m, up from £500,000.
In addition, the stressed rate calculation has been simplified through the removal of separate requirement for flats, while the minimum income amount has been reduced to £20,000 per application.
LTV requirements on a background residential property have also been removed.
Jonathan Moore, head of credit at the Dudley, said: “Landlords have been in the firing line over the past 12 months because of the Stamp Duty changes and, with the tapering effect on tax relief due to start in 2017, it is important that lenders like the Dudley do everything that we can to provide the kind of products that offer value, flexibility and a common sense approach to underwriting buy-to-let mortgages.
“Therefore, our partners will be pleased with the overall reduction in rates, some of which start from 2.99%. We have introduced new three and five-year discounted products as well as options which have no ERCs. Dudley Building Society continues to lead the way by working exclusively through intermediaries and being among the first to abolish upper age limits for applicants.
“On top of which has been our commitment to manual underwriting and a holistic approach to every enquiry, which has given us a deserved reputation for the kind of service that brokers require for their customers.”
