The Dudley Building Society has announced a new range of discounted rate mortgage products aimed at providing funding for buyers and owners of listed buildings.
Having moved its mortgage distribution exclusively through the intermediary channel, The Dudley is now developing new niches to meet the needs of its broker clients.
The listed building product range will cater for Grade 1, Grade 2* and Grade 2 property and the rate discount lasts for the lifetime of the loan.
Borrowers can overpay up to 10 per cent of the advance for first three years and the mortgage is on a capital and interest basis. The mortgage term is from five to 25 years, although for Grade 1 properties the maximum loan term is 20 years.
Product details include:
Grade 1, Grade 2* and Grade 2 properties
- Up to 70% LTV
- 99% variable (1% discount off SVR for life of loan)
Grade 2* and Grade 2 properties
- Up to 75% LTV
- 24% variable (0.75% discount of SVR for life of loan)
Grade 2 properties
- Up to 80% LTV
- 24% variable (0.75% discount of SVR for life of loan)
Comment
Jeremy Wood, chief executive of the Dudley Building Society, commented: “The Dudley is nothing if not innovative in its approach to lending and this is a niche which our research told us was under represented.
“We believe it is important to support customers who, by occupying these culturally important properties, are helping to keep alive vital parts of our shared heritage. The products we have designed are made more attractive as the discount on the rate we offer extends to the end of the mortgage.”
Rob Killeen, business manager at Capital Fortune, said: “This new listed property product launch is yet further testament to the society’s innovation and success.
“Whilst enabling a great many people to own and refinance historically important buildings, its virtues are firmly rooted at the heart of what Dudley does best – standing proud for the traditions and local communities for whom it was formed originally.”