Dudley launches record low five-year fix through 3mc

Doug Hall - 3mc

Dudley Building Society has launched an exclusive five-year fixed rate residential mortgage to members of 3mc.

The loan is 2.89 per cent up to 80 per cent LTV, making it lender’s cheapest five-year loan to date.

The mortgage is available for houses up to £1m, depending on LTV and has a free valuation for remortgages and fees-assisted legals.

The term is five to thirty-five years and repayment is capital and interest-only.

Overpayments of 10 per cent of the advance is allowed without penalty in each of the first five years.

Dudley Building Society head of credit Jonathan Moore says: “This new product is aimed squarely at customers looking for the security to lock in for the longer term at a very competitive rate.”

3mc director Doug Hall says: “The product will provide intermediaries with the best affordability in the UK for their Dudley BS applications and enable applicants to maximise their affordability over all other products as the affordability stress is based on the pay rate and not a notional rate.”