Dudley Building Society Increases Purchase Duty Rate and Increases LTV

Dudley Building Society has lifted the discounts and loan value range on its Right to Buy products.

The mutual says that the product now benefits from a higher term discount of 1.20%, compared to 1.00%, against the standard variable rate of 4.99%, and is currently fixed at 3.79%.

The LTV was increased to 85%, at 100% of the reduced purchase price, from 80% LTV.

These mortgages are available from £25,000 to £500,000, with a cash back of £400 on completion.

The lender adds that an advanced product is also available with term discount at the same rate as above, up to 85% LTV.

Jeremy Wood, chief executive of the Dudley Building Society, said: ‘Since the right to buy change in 2012/13, more than 85,000 homes have been bought by tenants, but this is an area that has trended to fly under the radar of many advisors as a source of new business.

We believe the Right to Buy represents an important niche for Introducers to get involved in and by revamping our proposition, we are confident that our Introducers will make the most of their opportunities to expand their business into this underserved area of ​​the housing finance market.

In April, the lender revamped its website, which also seen move its broker portal to the general pages of its members.

The mutual specifies that its intermediation site is now accessible from the main homepage, which allows advisers to “quickly find the information and documents they need on any medium, including telephone and tablet”. .

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