The Dudley Building Society has launched two new products to cover both purchase and remortgage requirements for clients of introducers offering an initial rate of 3.89%.
Both products offer a 1.10% discount off the Society’s variable rate to a current rate of 3.89% for three years and the remortgage option offers both free legals and free valuation.
Features include:
- Free legals and valuation on remortgage option
- Min/max advance – £25,000 to £500,000
- Maximum LTV to 90%
- ERC – 3% in first three years
- Term – 5-35 years
- Capital & Interest only
- Overpayments of 10% pa allowed without charge.
Jeremy Wood, the Dudley’s chief executive, claimed its discounted rate strategy has been very effective and in the face of potential base rate rises remains an attractive option for clients.
He said: “These are good products for the market we are working in. Not only do they have a high LTV threshold, which will benefit first time or returning buyers, rates below 4% are particularly to be welcomed. For those clients wishing to remortgage, we have aimed to offer attractive terms but with the added value of free legals and a free valuation to keep costs down to the minimum.
“It is worth intermediaries bearing in mind that with a term of up to 35 years and our stance on older lives, these products could provide a crucial lifeline to customers with a sustainable repayment plan who wish to borrow into retirement.”