Dudley BS targets listed buildings lending with lifetime discount products
30 June 2015
The Dudley Building Society has announced a new range of discounted rate products aimed at providing funding for buyers and owners of listed buildings with the rate discount lasting for the lifetime of the loan.
The Dudley, which has seen its profits soar in 2014/5, having moved to concentrate mortgage distribution exclusively through the intermediary channel, is now developing new niches for business to meet the needs of its intermediary clients.
The listed building product range includes three products aimed at Grade 1, Grade 2* and Grade 2 property.
Product details include : -
Grade 1, Grade 2* and Grade 2 properties
- Up to 70% LTV
- 3.99% variable (1% discount off SVR for life of loan)
- 5-25 years (Grade 1 to max 20 years)
- Overpay up to 10% of advance for first three years
- Capital & Interest
Grade 2* and Grade 2 properties
- Up to 75% LTV
- 4.24% variable (0.75% discount of SVR for life of loan)
- 5-25 years
- Overpay up to 10% of advance for first three years
- Capital & Interest
Grade 2 properties
- Up to 80% LTV
- 4.24% variable (0.75% discount of SVR for life of loan)
- 5-25 years
- Overpay up to 10% of advance for first three years
- Capital & Interest
Jeremy Wood, Chief Executive of the Dudley Building Society, commented, “The Dudley is nothing if not innovative in its approach to lending and this is a niche which our research told us was under represented. We believe it is important to support customers who, by occupying these culturally important properties, are helping to keep alive vital parts of our shared heritage. The products we have designed are made more attractive as the discount on the rate we offer extends to the end of the mortgage. ”
Rob Killeen, Business Manager at Capital Fortune, said, “This new Listed Property product launch is yet further testament to the Society’s innovation and success. Whilst enabling a great many people to own and refinance historically important buildings, its virtues are firmly rooted at the heart of what Dudley does best – standing proud for the traditions and local communities for whom it was formed originally”.
