Dudley Building Society has reduced rates across its five-year fixed mortgage range, cutting prices by up to 50 basis points on selected residential products and lowering rates on its Skilled Worker Visa offering.
The mutual has launched three updated five-year fixed products, with reductions of between 15 and 50 basis points across its core residential range and its recently introduced Skilled Worker Visa proposition.
The Dudley said the changes are designed to support brokers handling both straightforward and more complex cases, with an emphasis on manual underwriting, flexible structures and clear criteria to help streamline the application process.
Under the revised range, the Skilled Worker Visa five-year fixed product at 90% loan to value has been cut by 15 basis points, with rates now starting from 5.55%.
Within the residential range, the five-year fixed product at 75% loan to value has been reduced by 50 basis points to 5.10%, while the equivalent 90% loan to value option has also fallen by 50 basis points, to 5.20%.
All products are available with a £999 arrangement fee. Loan sizes start from £25,000, with maximum advances of up to £1.5 million for Skilled Worker Visa cases and up to £1 million for residential applications. Capital and interest repayment is available across the range.
Borrowers are able to repay up to 10% of the loan balance each year without incurring early repayment charges during the initial fixed period, offering additional flexibility when structuring cases.
Dudley has also reiterated the criteria underpinning its Skilled Worker Visa proposition. Applicants must have at least 12 months’ UK residence and a minimum of 12 months remaining on their visa, with a minimum income requirement of £30,000 and loan to value of up to 90%.
Gifted deposits are accepted up to 50%, with applications considered from any country of origin and across a wide range of professions.
Rob Oliver, distribution director at Dudley Building Society, said: “We wanted to start the year strongly and so by cutting five-year fixed rates by up to 50 bps provides borrowers with significant savings immediately.
“These changes also give brokers something practical to take into conversations early in the year, particularly where clients are weighing up longer term stability.
“At the same time, making a reduction on our recently launched Skilled Worker Visa range reflects the level of demand we continue to see for these cases and the need for competitive options that brokers can place.”
