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).
Lender announcement
Our SVR rate is changing
Following the recent Bank Base Rate changes, the Society’s Standard Variable Rate (SVR) is increasing by 0.50% on 1st July 2022.
Keeping you informed of any rate changes prior to completion is important to us. 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 0.50% 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 0.50%.
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 0.50%. If the product discount is set for a period of time, e.g. a two year discount, the reversion rate will also increase by 0.50% after the discounted period finishes.
What happens next?
- If your application is at an offer stage when the rate change is completed, a new offer will be produced and sent out to all parties. Affordability may need to be reassessed depending on the rate type that has been applied for
- If your application is at a pre-offer stage when the rate change is completed, the application will be assessed under the new rates that are applicable