Dudley Building Society has launched three new five-year fixed mortgage products, reducing interest rates by 15 to 50 basis points (bps) on its core residential and recently launched Skilled Worker Visa range.
New products include: Skilled worker visas, fixed for five years – 90% LTV rate (reduced by 15 basis points) now at 5.55%. Homes with a fixed term of five years – LTV interest rate of 75% (reduced by 50 basis points) now at 5.10%; and Five-year fixed-term homes – 90% LTV (reduced by 50 basis points) now at 5.20%.
All products are available with an arrangement fee of £999 and support loan sizes from £25,000, up to £1.5 million for skilled worker visa cases and £1 million for residential applications. Principal and interest repayments are possible across the entire range.
Borrowers can repay up to 10% of the loan amount annually during the initial fixed period with no early repayment fees.
In addition to the rate changes, Dudley laid out the criteria supporting them recently launched Skilled Worker Visa offering. The lender will consider applicants with a minimum residency period of at least 12 months in Britain and a minimum stay of 12 months on their visa, a minimum income of £30,000 and a loan value of up to 90%.
Toxic deposits are accepted up to 50%, with applications considered from any country of origin and from a wide range of professions.
Commenting on the product offering, Rob Oliver, distribution director at Dudley Building Society, said: “We wanted to start the year strong and by reducing the five-year fixed rate by up to 50 basis points, borrowers will get significant immediate savings. These changes also give brokers something practical to include in conversations early in the year, especially as clients consider longer-term stability.”