Mortgages  

Dudley targeted mortgages

Dudley Building Society has launched some ‘self-e’ fixed-rate mortgage deals, targeting the self-employed.

The discount from the society’s standard variable rate is determined by number of years of accounts available, as is the percentage loan to value.

This launch is part of the society’s strategy to provide support for applicants who are being turned away from other lenders because they do fall outside what might be perceived as the prevailing box-ticking, one-size-fits-all underwriting model.

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Key features:

● 3.29 per cent (1.7 per cent SVR discount) with three-year accounts.

● 3.99 per cent (1 per cent SVR discount) with two-year accounts.

● 4.49 per cent (0.5 per cent SVR discount) with one-year accounts.

● 90 per cent LTV for three years accounts, and 75 per cent for one- to two-year accounts.

● Minimum loan £25,000; maximum £350,000.

● Fee: £1,450.

IFA VERDICT

James Carter of London-based mortgage adviser Independent said, “That is an innovative pricing structure. Dudley are particularly competitive at the 90 per cent LTV level. This area needs competition because of the increasing number of self-employed people.”