The Dudley Building Society has launched a new product to cater for larger loan amounts of up to £1.5 million, as well as a 95% mortgage aimed at ‘local’ customers buying or remortgaging in specific regional postcodes.
Advisers now have access to a mortgage where customers can apply for loan amounts between £1 million and £1.5 million with a two year fixed rate of 3.69%, up to 80% LTV.
The Society also continues its support for its regional customer base in the Dudley, Wolverhampton, Walsall and Birmingham postcode areas by introducing a new 95% LTV mortgage for purchase and remortgage with a five year fixed rate at 3.99%.
Changes have also been made to six further advance products with reduced rates.
Sam Ward (pictured), the Dudley’s commercial director, said: “We wanted to fill the gap in our range for the growing number of requests for funding in excess of £1 million. Thanks to the strong two way relationships between ourselves and our introducers, we have been able to respond quickly and launch a product that answers those requests for a larger maximum loan.
“We might be a national lender, but as a regional building society, we are particularly proud of our local roots and the support we are offering to customers in our region. Our 95% product, where the Society pays the Higher Lending charge because we know how difficult it is to save a deposit, is therefore designed specifically to give a helping hand to local people wishing to buy and stay in the Midlands.”