Dudley Building Society has launched a 95% LTV mortgage aimed at ‘local’ customers buying or remortgaging in specific regional postcodes.
The 95% LTV 5-year fix at 3.99% for purchase and remortgage is available to customers in the Dudley, Wolverhampton, Walsall and Birmingham postcode areas.
The society has also introduced a product to cater for larger loan amounts, up to £1.5m – customers can apply for loan amounts between £1m and £1.5m with a 2-year fixed rate of 3.69%, up to 80% LTV.
Enhancements have also been made to six further advance products with reduced rates.
Sam Ward (pictured), commercial director of Dudley Building Society, said: “We wanted to fill the gap in our range for the growing number of requests for funding in excess of £1m.
“Thanks to the strong two way relationships between ourselves and our introducers, we have been able to respond quickly and launch a product that answers those requests for a larger maximum loan.
“We might be a national lender, but as a regional building society, we are particularly proud of our local roots and the support we are offering to customers in our region.
“Our 95% product, where the society pays the higher lending charge because we know how difficult it is to save a deposit, is therefore designed specifically to give a helping hand to local people wishing to buy and stay in the Midlands.”