Mortgage packager 3mc has joined forces with the Dudley Building Society to launch an exclusive five-year fixed rate residential deal. 

It is the lowest ever five-year fixed rate offered by Dudley Building Society. It is priced at 2.89% fixed for five years and is available up to 80%.

It is available for capital repayment and interest-only and up to £1 million.

Jonathan Moore, head of credit at the Dudley, said: “3mc has been a strong supporter of the Society and our efforts to provide finance options for those parts of the community which have not been well served, such as older applicants, the self employed, expats and first time buyers.

“This new product is aimed squarely at customers looking for the security to lock in for the longer term at a very competitive rate.”

Doug Hall, director at 3mc, added: “The product will provide intermediaries with the best affordability in the UK for their Dudley BS applications and enable applicants to maximise their affordability over all other products as the affordability stress is based on the pay rate and not a notional rate.

“We have a strong relationship with Dudley BS. They share our passion to provide a service to all kinds of customer and their desire to look at applicants as individual customers not numbers, has meant that we have developed our dialogue along with a mutual understanding.”