Dudley Building Society cuts product switch rates

Dudley Building Society cuts product switch rates
Christina Hoghton
Written By:
Christina Hoghton

Dudley Building Society has reduced its mortgage retention rates for borrowers who want to transfer to another of its products.

The mutual has lowered rates across its mortgage retention range by up to 0.7 percentage points.

The lender cut the cost of selected fixed and discounted products across its residential, buy-to-let (BTL), holiday let and expat range.

What’s new?

Reductions of up to 0.6 percentage points have been made to its two-year fixed residential retention mortgage products, and up to 0.7 percentage points for interest-only.

Two-year discount and fixed rates now start at 5.49% for both capital and interest-only options up to 60% of the property’s value.

For BTL, retention rates have been cut by up to 0.55 percentage points and now start at 5.95% for a two-year fix and 5.89% for a two-year discount rate, both up to 60% LTV.

Holiday let two-year fixes now start at 5.95% and 5.89% for a two-year discount, both up to 60% of the property’s value. Two-year fixed expat residential and BTL retention rates have seen reductions of 0.45 percentage points and now start at 6.15% up to 70% loan to value (LTV).

All products come with no arrangement fee.

Robert Oliver, distribution director at Dudley Building Society, said: “Product transfers are increasingly popular at the moment and can offer a quicker, easier, and cheaper option compared to remortgaging.

“These latest reductions mark our third set of rate cuts this year and follow substantial reductions across our new borrower mortgage range just last month.

“These cuts, alongside our flexible and manual underwriting approach, position us well to serve both new and existing specialist mortgage customers.”

Last month, Dudley Building Society announced mortgage rate cuts.