Dudley Building Society has introduced new self-employed discounted and shared ownership mortgages in the second phase of its new product range roll-out.
Main features include of the range include discounted rates from 2.69% – discounted for the whole mortgage term – shared ownership rates now from 3.99% (previously 4.99%) and self-employed rates from 3.49% (previously 3.99%).
Additionally all self-employed applicants now accepted with one year’s accounts.
Jonathan Moore, head of credit at the Dudley, said: “Our strategy with the new product range is aimed at addressing particular types of mortgage, such as the discounted range, which now has highly competitive rates but is also backed up by having the initial discount last throughout the term of the mortgage.
“We also wanted to reinforce our commitment to the self employed and those customers looking for shared ownership finance.
“Although they are different communities, they have tended to be ignored by the bigger lenders and we felt we had an opportunity to demonstrate our support for these borrowers. The self employed, who after all are the backbone of the future economy, deserve all the help they can get. This is why we have taken the view that we will be looking for only one year of accounts, rather than the usual three. Demonstrating that they can comfortably afford repayments is more important than having the proviso of a set number of yearly accounts before applying.
“We know that brokers, through whom we generate all of our mortgage business, will be delighted with the changes.”
All remortgage only products come with free assisted legals.