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
Product Changes
In order to continue to maintain our service standards and competitive position within the market, we are withdrawing our Five Year Fixed Rate Ex-Pat (10117) and 3.29% Five Year Fixed Shared Ownership (10115) products. The changes will be in effect from close of business on Monday 18th July 2022.
Any DIPs received prior to 5pm on Monday 18th July will be honoured, providing the application is received within 2 weeks.
If you currently have any applications or offers on these products in our pipeline, these will also be honoured.
Our SVR rate has increased
In June, we communicated that the Society’s Standard Variable Rate (SVR) would be increasing by 0.50%. However, following the further Bank Base Rate change from 1.00% to 1.25% on the 16th June, our SVR increased by 0.75% from the 1st July 2022.
Our SVR rate for residential mortgages increased to 5.74%, and our buy-to-let, holiday let and self-build SVR rate increased to 6.24%.
Keeping you informed of any rate changes prior to completion is important to us. So, we have outlined how your clients are affected, 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 0.75% 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 0.75%.
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 0.75%. If the product discount is set for a period of time, e.g. a two year discount, the reversion rate will also increase by 0.75% 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
If your application has been affected by this SVR increase, we will get in touch with you by the end of July.
Mortgage Product Withdrawals
In order to continue to maintain our service standards and competitive position within the market, we are withdrawing our;
- Five Year Fixed Rate(10122)
- Five Year Fixed Large Loan (10107)
- Two Year Fixed Rate (10108)
- Two Year Fixed Rate BTL (25074)
- Two Year Fixed Rate Ex-Pat (10109)
- 1.20% Discount for Term Right to Buy (13137)
- First Homes Scheme 2.99% Five Year Fixed (10112)
The changes will be in effect from close of business on Friday 22nd July 2022.
Any DIPs received prior to 5pm on Friday 22nd July will be honoured, providing the application is received within 2 weeks.
If you currently have any applications or offers on these products in our pipeline, these will also be honoured.