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Dudley Building Society announces rate cuts

Dudley Building Society announces rate cuts
Christina Hoghton
Written By:
Christina Hoghton
Posted:
24/05/2024
Updated:
24/05/2024

Dudley Building Society has said it will reduce its mortgage rates by up to 0.8 percentage points from next Tuesday (28th May).

The mutual will make the significant rate cuts across its residential, buy-to-let (BTL), holiday let, expat, and self-build mortgage ranges.

The building society, which offers a variety of specialist mortgages, is lowering rates by up to 0.8 percentage points across its fixed, discounted, and interest-only products.

What’s new?

The lender’s two-year fixed residential mortgage rates will see a reduction of 0.7 percentage points, down to 5.69% for loans up to 75% of the property’s value, and 5.99% for loans up to 90% loan to value (LTV).

The society’s residential discount for term rate for loans up to 75% of the property’s value will also be reduced to 5.99%, while the discount for term rate for loans up to 90% LTV will be lowered to 6.19%.

The biggest reduction will be made to the society’s residential two-year interest-only fixed rate, which will be cut to 5.69%, down from 6.49%, for loans up to 75% of the property’s value. The residential interest-only discount for term rate will also be reduced to 5.99% for loans up to 75% LTV.

BTL rate cuts

Dudley Building Society will also be lowering rates across its BTL and holiday let products.

BTL two-year fixed rates will now start at 6.15% for loans up to 80% of the property’s value, while the BTL discount for term rate will be reduced to 6.25% for loans up to 80% LTV.

The two-year holiday let fixed rate will also be dropped to 6.15% for loans up to 80% LTV, and the holiday let discount for term reduced to 6.25% for loans up to 80% of the property’s value.

Robert Oliver, distribution director at Dudley Building Society, said: “We are excited to be making significant rate cuts across our mortgage range. These reductions, combined with our flexible and manual approach to underwriting, and our dedication to maintaining our service levels, means we can support more brokers and their clients.

“This marks our second rate cut of the year as we continue to offer competitively priced specialist mortgages.”

Expat home loans

The lender’s expat residential two-year fixed rate will also be reduced, to 6.25% for loans up to 75% LTV and to 6.35% for loans up to 85%.

The expat BTL two-year fixed rate will now be 6.35% for loans up to 80% LTV. The expat two-year fixed holiday let rate will also be lowered to 6.35% for loans up to 80% of the property’s value.

The society will consider applications from a wide range of countries and in over 160 currencies, and can accept income from one foreign currency plus income derived in GBP.

Dudley will lend up to £1.5m across its expat residential range and up to £1m across its expat BTL and holiday let range, as well as its self-build products.

Related: Mortgage rates still higher than a year ago, but is a cut on the way?