The Dudley mortgage range is available via our fees free specialist mortgage packager team or via our direct to lender mortgage club. Their latest product information is available here and their criteria details are available here (but is password protected so contact us or Dudley for further details).
Our SVR has increased
Following the Bank Base Rate change on the 2nd February, the Society’s Standard Variable Rate (SVR) has increased by 0.35%.
Our SVR rate for residential mortgages will increase to 7.64%, and our buy-to-let, holiday let and self-build SVR rate will increase to 8.14%.
If you are looking to submit a new application, please visit our website to take a look at our updated products.
If you currently have a case with us, we want to ensure that you are informed of any rate changes prior to completion. So, we have outlined what will be changing below, depending on the mortgage product type that has been applied for.
Fixed rate applications
If you have applied for a fixed rate product, this SVR change will not affect the initial monthly payment figure. However, once the fixed term period finishes the reversion rate will be 0.35% higher than when you originally applied.
Variable rate applications
If you have applied for a variable rate product, this SVR change will affect the initial monthly payment figures, and the rate will increase by 0.35%.
Discounted rate applications
If you have applied for a discounted rate product, this SVR change will affect the initial monthly payment figures, and the rate will increase by 0.35%. If the product discount is set for a period of time, e.g. a two year discount, the reversion rate will also increase by 0.35% after the discounted period finishes.
What happens next?
- If your application has already been offered when the rate change is completed, the application will not need to be reassessed. A new offer will be produced based on the SVR change and sent out to all parties.
- If your application is at a pre-offer stage when the rate change is completed, the application will be assessed under the new increased interest rates that are applicable.
If your application has been affected by this SVR increase, an underwriter will contact you on or before the 31st March 2023.