Dudley Building Society has increased its maximum loan size on expat mortgages, from £1m to £1.5m, and from £500,000 to £1m for holiday let mortgages.
The society has also introduced a 2-year fixed rate expat mortgage with a maximum loan-to-value (LTV) of 80% at 3.89%, along with a reduced rate for its standard residential 2-year fixed product at 3.39% from 3.69%.
Early repayment charges (ERC) are also being reduced by adopting a tiered approach, which in this case means that the second year’s ERC has been reduced from 3% to 1% of the loan amount.
Dudley BS increases maximum loan to £2.5m
This approach is being applied when new products are launched, with the expat, holiday let and 2-year fixed products being the first to be refreshed.
Kieron Blackburn (pictured), commercial director at Dudley Building Society, said: “We see continuing demand from ex-pat and holiday-let customers and it seemed appropriate that we look to enhance our offering in line with our recent increase in maximum loan sizes for our standard large loan product.
“There are now only two other lenders who can currently match our new loan sizes for ex-pats, and two other lenders that can match our loan sizes for holiday let mortgages.
“Dudley can be very pleased with the progress it has made this year. Thanks go particularly to our introducers for their continuing support.
“It is satisfying to know that as we approach 2022, the society is in great shape to go on providing a robust proposition based on strong products, innovative solutions in underserved niche areas like the expat market and underwriting that always seeks to understand the human story behind each application.
“We are looking forward to being on the road next year and taking our proposition to more brokers.”