Dudley BS launches fixed large loan deal

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The Dudley Building Society has introduced a mortgage product for borrowers wishing to borrow from £1m to £1.5m.

The new product is priced at 3.34%, fixed for five years and has a maximum LTV of 80% with a £499 arrangement fee. It is available for both purchase and remortgage and has a tiered ERC of 3% in the first two years and only 1% in the final three.

In addition, the Society has replaced its existing two-year fixed products with a single two-year 3.69% fixed rate product with a maximum LTV of 90%.

There is also a two-year product discounted by 1.60% at 3.39% (SVR 4.99%) to 85% LTV and a 1.50% discount for term product at 3.49% to 90% LTV, which attracts no fee.

Jeremy Wood (pictured), the Dudley’s chief executive, said: “Our new large loan product comes with one of the lowest set fees in the market at £499 as well as a market leading tiered ERC, should customers need to exit early. Along with simplifying our two year fixed rate range with a single new product at a higher LTV than before, there are two attractive discounted rate alternatives, one of which has no arrangement fee at all.

“Here at the Dudley, we are redefining product value by reducing set up costs as well as continuing to simplify our offering. The large loan product is a clear example of our intentions by introducing a competitive product which benefits from reduced arrangement costs and a more customer-friendly exit penalty with our new tiered ERC.”

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