Dudley Building Society reduces rates and improves options across BTL range
01 September 2016
Dudley Building Society has released the latest set of enhancements to its acclaimed BTL range, with new products, comprehensive rate reductions and improvements to criteria.
The Society, which announced strong annual results for the 2015/2016 financial year with pre-tax profits of £1,335,000, is responding to a BTL market which needs encouragement according to Head of Credit, Jonathan Moore.
He said, “Landlords have been in the firing line over the past twelve months because of the Stamp Duty changes and, with the tapering effect on tax relief due to start in 2017, it is important that lenders like the Dudley do everything that we can to provide the kind of products that offer value, flexibility and a common sense approach to underwriting BTL mortgages.
Therefore, our partners will be pleased with the overall reduction in rates, some of which start from 2.99%. We have introduced new 3 and 5 year discounted products as well as options which have no ERCs. Dudley Building Society continues to lead the way by working exclusively through intermediaries and being among the first to abolish upper age limits for applicants. On top of which has been our commitment to manual underwriting and a holistic approach to every enquiry, which has given us a deserved reputation for the kind of service that brokers require for their customers.”
Features of the new BTL range include: -
- Reduction in interest rates across all products
- All fixed rate products have been reduced by 0.30%
- Rates now starting at 2.99%
- Products now include options with no ERCs
- Brand new 3 and 5 year discount products, with maximum ERC period of 3 years
- Majority of products now carry new maximum loan of £1M (increased from £500k)
- Stressed Rate calculation simplified through the removal of separate requirement for flats
- Minimum income reduced to £20k per application
- LTV requirements on background residential property removed
