Dudley Building Society has increased its Standard Variable Rate (SVR) for residential, buy-to-let, holiday let and self-build mortgages by 0.35% following the Bank Base Rate change on 2nd February.
The new residential SVR rate will be 7.64%, and the buy-to-let, holiday let, and self-build SVR rate will be 8.14%.
The lender has updated its products for new applications on its website, and current applicants will receive a new offer based on the new SVR rates.
The rate increase will not affect the initial monthly payment figures for fixed-rate applications, but will increase by 0.35% for variable rate and discounted rate applications.
The reversion rate will also increase by 0.35% for discounted rate products after the discounted period ends.
The lender will inform applicants of any rate changes before completion, and an underwriter will contact brokers of affected applicants by 31st March 2023.
