Dudley launches new three-year discount mortgages

Dudley Building Society is rolling out two new discount mortgage offers with a three-year term and rates starting at 3.89 per cent.

The products are available both for home purchases and remortgages. The remortgage deals come with free legal services and a free valuation of the property.

The mortgages are available at up to 90 per cent loan-to-value (LTV) and there are early repayment charges of 3 per cent over the first three years. Overpayments of 10 per cent per year are allowed charge-free.

The full term range is 5-35 years with capital & interest only options. The minimum loan size us £25,000 and the maximum is £500,000.

Dudley Building Society’s chief executive Jeremy Wood said discounted rate products could be an attractive option for customers, especially now in the face of potential base rate rises.

The long term of up to 35 years “could provide a crucial lifeline to customers with a sustainable repayment plan who wish to borrow into retirement,” he said.

“These are good products for the market we are working in. Not only do they have a high LTV threshold, which will benefit first time or returning buyers, rates below 4% are particularly to be welcomed. For those clients wishing to remortgage, we have aimed to offer attractive terms but with the added value of free legals and a free valuation to keep costs down to the minimum,” Wood commented.