Dudley Building Society has launched two new 5-year fixed rate products, with the purpose of offering applicants the financial security that a longer, fixed term product can provide.
Their brand new 5-year fixed rate shared ownership product has a rate of 3.29%, and offers a maximum share of 95%.
They have also increased the maximum LTV of their 5-year fixed rate ex-pat residential product from 80% to 90%. The maximum loan size of this product has also increased from £1m to £1.5m, with a rate of 3.89%.
In addition to this, they have continued to introduce tiered ERC rates to their products, with a discounted ERC rate available following the first year.
Speaking about new products, chief executive, Jeremy Wood (pictured), said: “The ever-increasing cost of living has put a great amount of pressure on prospective homeowners.
“We have been listening to our intermediary partners who have demanded longer term products that provide applicants with additional security.
“Following on from last week’s Bank Base Rate increase to 1%, we expect that fixed rate propositions will only continue to be preferred by applicants”
Wood continued: “Since our LTV improvements in March, when we increased the maximum share for shared ownership applicants from 90% to 95%, we maintain the stance that servicing the mortgage needs of financially stretched applicants is increasingly important. The introduction of this 5-year fixed rate shared ownership product is both in response to demand from our intermediary partners, and part of our wider efforts to serve the underserved.”
