Dudley Building Society has revised its ex-pat range and includes two new products.
Features of the new products include an LTV of up to 75%, a 3% ERC in the first three years which can be waived during the three-year period if the customer wishes to return to the UK and wishes to transfer to a retention product with the society, and overpayments of up to 10% of the advance amount can be repaid per annum for three years without incurring a charge.
Samuel Lea (pictured), business development manager at Dudley Building Society, said: “Our recent product revision sees our discount for term ex-pat range lend up to 75% LTV in some cases, rates from 3.99%, BTL and residential options along with the borrower having the ability to select C&I or interest only as their repayment choice.
“The revised criteria includes a feature that waives ERCs during the product term if the borrower returns to the UK and transfers to a retention product from the Society’s range as long as they are able to provide proof of contract end date and return to UK.
“Confidence in a borrower’s broker and subsequent lender is possibly more important for ex-pat cases. Although technology bridges many gaps the distance can lead to additional nervousness when purchasing a property back home.
“We are focussed on offering real choice and flexibility to our partners and their clients– after all; it was possibly a focus on making significant lifestyle choices that meant the borrower became an ex-pat in the first place.”