Dudley Building Society

The Dudley Building Society began in 1858 and has served the residents in and surrounding the Black Country since. They are an independent mutual society, serving up mortgage products and savings programmes.

Dudley offers several types of mortgages, including: flexible discount, stepped discount for re-mortgage, stepped discount with cash-back, cash-back, shared ownership discount, buy to let standard variable rate, buy to let two-year discount, commercial discount, existing borrowers four-year stepped discount, and lifetime.

The flexible discount mortgage from Dudley gives you a percentage off of the Bank of England base rate for the first five years, followed by a smaller percentage off of the variable rate for the remaining years of the loan. There is no application fee or early repayment penalty, so you are free to make overpayments and apply for payment holidays. You may also receive six months of free accident, sickness, and unemployment cover. The maximum loan value is for 80%.

If you are looking to re-mortgage your home, Dudley Building Society offers a ‘Mortgage Movers’ three-year stepped discount plan. For the first 12 months, you will receive quite a large discount off of the residential standard variable rate. During the second year, you will receive a smaller discount off of that SVR, as well as for the third year. After the three years, your rate will track the SVR for the rest of the loan’s term. There is no arrangement fee; however, there is an early repayment charge during the first three years. That said, you can still make overpayments. With this loan, you may borrow up to 95% of the value of your home.

On the contrary, if you are a first time buyer, you could be eligible for the three-year stepped discount mortgage with 2% cash-back. During the first year, you’ll receive a significant discount off of Dudley’s residential SVR, followed by two years of the same, smaller discount off of the SVR. Upon completion, 2% of the loan amount will be given as cash-back. There is no arrangement fee, there are some restrictions on overpayments, and the maximum loan value is 95%.

One of Dudley’s special products is for the Commercial Discounted Mortgage. There is a discounted variable rate for life, an arrangement fee applies, and there is an early repayment charge for the first three years. There are no restrictions on overpayments, and the maximum loan value is 70%.

So, if you are in the market for banking products, a mortgage, or insurance, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.

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