Mortgages  

Dudley reduces buy-to-let rates

Dudley reduces buy-to-let rates

Dudley Building Society has reduced buy-to-let mortgage rates.

The new range includes a two-year discounted rate for term products for purchase and remortgage from 3.19 per cent up to 70 per cent loan-to-value (previously 3.99 per cent) and 3.49 per cent for up to 75 per cent LTV (previously 4.24 per cent).

There are two new three-year fixed rate products for purchase and remortgage with a 3.29 per cent rate up to 70 per cent LTV (previously 4.24 per cent) and 3.59 per cent for up to 75 per cent LTV (previously 4.49 per cent).

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There are two new five-year fixed rate products for purchase and remortgage with 3.59 per cent up to 70 per cent LTV and 3.89 per cent for up to 75 per cent LTV.

There are no upper age limits, a process of manual underwriting and tiered buy-to-let rental calculations with these deals from 125 per cent dependent on LTV.

The building society lends from £25,000 to £1m for these deals.

Capital repayments of 10 per cent of the advance amount can be made every year, along with interest-only and repayment options.

Jonathan Moore, head of credit at Dudley, said: “We have introduced a very strong line up of products for the buy-to-let market that reflects our commitment to the sector.

“Landlords can choose between discounted rate products where the discount from the SVR lasts for the term of the mortgage or three or five year fixed rate options.”

The range is backed by by individual underwriting, he added.

emma.hughes@ft.com