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Dudley Building Society Updates Buy-to-Let Range
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Dudley Building Society has released its latest set of updates for its buy-to-let range, featuring new products, comprehensive rate reductions and improved criteria.
Dudley Building Society Updates Buy-to-Let Range
The society, which announced strong annual results for the 2015/16 financial year, with pre-tax profits of £1,335,000, is responding to a buy-to-let sector that “needs encouragement”, according to the firm’s Head of Credit, Jonathan Moore.
The updates include a reduction in interest rates across all products, with all fixed rate products cut by 0.30%. Rates now start at just 2.99%, with products now including options with no Early Repayment Charges (ERCs).
Dudley has also introduced brand new three and five-year discount products, with a maximum ERC period of three years.
The majority of products now carry a new maximum borrowing value of £1m, up from £500,000, while the minimum income required has been reduced to £20,000 per application.
In addition, Dudley’s stressed rate calculation has been simplified, through the removal of separate requirements for flats. Loan-to-value (LTV) requirements on background residential property have also been cut.
Moore says: “Landlords have been in the firing line over the past 12 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 buy-to-let mortgages.
“Therefore, our partners will be pleased with the overall reduction in rates, some of which start from 2.99%. We have introduced new three and five-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.”
Do these new updates encourage you to invest further in the buy-to-let sector?
