Dudley Building Society has launched three new five-year fixed mortgage products, cutting rates by between 15 and 50 basis points across its core residential and recently launched skilled worker visa range.
Residential five-year fixed rates have reduced by 50bps at 75% and 90% LTV, now available at 5.10% and 5.20% respectively.
The Society's skilled worker visa five-year fixed rate at 90% LTV is down by 15bps to 5.55%.
All products come with a £999 arrangement fee and support loan sizes up to £1.5 million for skilled worker visa cases and £1 million on residential applications.
Borrowers can repay up to 10% of the loan amount each year without early repayment charges during the initial fixed period, giving brokers flexibility when structuring cases.
Alongside the rate changes, Dudley has outlined the criteria that support its recently launched skilled worker visa offering. The Society will consider applicants with at least 12 months’ UK residence and a minimum of 12 months remaining on their visa, a minimum income of £30,000 and loan to value up to 90%.
Gifted deposits are accepted up to 50%, with applications considered from any country of origin and across a broad range of professions.
Rob Oliver, distribution director at Dudley Building Society, said: “We wanted to start the year strongly and so by cutting five-year fixed rates by up to 50 bps provides borrowers with significant savings immediately.
“These changes also give brokers something practical to take into conversations early in the year, particularly where clients are weighing up longer term stability.
“At the same time, making a reduction on our recently launched skilled worker visa range reflects the level of demand we continue to see for these cases and the need for competitive options that brokers can place.”
