Dudley Building Society has announced reductions in its mortgage rates, impacting a variety of mortgage products from residential to buy-to-let options. Starting May 28, this could be the perfect opportunity for those looking to save on their mortgage costs or enter the housing market.
Effective from the end of May, Dudley Building Society is rolling out notable cuts in interest rates across its extensive mortgage range. This includes their residential, buy-to-let (BTL), holiday let, expat mortgages, and even self-build options. The reductions, which reach up to 0.80%, apply to various types of products such as fixed, discounted, and interest-only mortgages.
Residential Mortgages Take a Dip
Homebuyers will see a generous decrease in rates with 2-year fixed residential mortgages dropping by 0.70%. Specifically, for loans up to 75% loan-to-value (LTV), the new rate will be 5.69%, and for up to 90% LTV, it will adjust to 5.99%. Additionally, the discount for Term rate for loans up to 75% LTV is set to decrease to 5.99%, and for loans up to 90% LTV, it will be lowered to 6.19%.
Notably, the most significant reduction is observed in the society’s 2-year interest-only fixed rate, which will plunge from 6.49% to 5.69% for loans up to 75% LTV. A similar rate cut will apply to the residential interest-only discount for Term rate, now set at 5.99% for the same LTV.
Buy-to-Let and Holiday Lets Get More Attractive
Landlords and holiday home investors are also in for a treat as BTL 2-year fixed rates will start at a reduced rate of 6.15% for loans up to 80% LTV. Similarly, the BTL discount for Term rate will see a decrease to 6.25% for loans at the same LTV.
Holiday lets are not left out, with a matching rate drop to 6.15% for a 2-year fixed rate and a discount for Term rate of 6.25% for loans up to 80% LTV.
Expat and Eco-Friendly Options
Expatriates looking to invest back home will find the expat residential 2-year fixed rate reduced to 6.25% for loans up to 75% LTV and to 6.35% for loans up to 85% LTV. Expat BTL rates follow suit, now pegged at 6.35% for loans up to 80% LTV. Similarly, expat holiday lets will also enjoy a new 2-year fixed rate of 6.35% for loans up to 80% LTV.
Eco-conscious builders opting for self-build projects will benefit from a reduced Eco Self-Build Discount for Term (Arrears) rate of 6.34% for loans up to 80% LTV.
Financial Impacts and Accessibility
Dudley Building Society continues to support substantial financing in its specialised fields. They now lend up to £1.5 million across its expat residential range and up to £1 million across its expat BTL and holiday let range, as well as its self-build products.
Robert Oliver, the distribution director at Dudley Building Society, expressed enthusiasm about the rate reductions. He highlighted that these changes, combined with the society’s flexible and manual approach to underwriting and ongoing commitment to service levels, are designed to support more brokers and their clients effectively. Oliver noted that this marks the second rate cut of the year, emphasising the society’s ongoing commitment to providing competitively priced specialist mortgages.