Dudley Building Society has launched a fixed-rate large loan product with its lowest ever early repayment charges (ERCs).
The product is priced at 3.34%, fixed for 5-years and has a maximum loan-to-value (LTV) of 80% with a £499 arrangement fee.
The new Dudley product is available for both purchase and remortgage and has tiered ERCs of 3% in the first two years and only 1% in the final three.
In addition, the society has replaced its existing 2-year fixed products with a single 2-year 3.69% fixed rate product with a maximum LTV of 90%.
In addition, there is a 2-year product discounted by 1.60% at 3.39% (SVR 4.99%) to 85% LTV and a 1.50% discount for term product at 3.49% to 90% LTV, which attracts no fee.
Jeremy Wood, chief executive of Dudley Building Society, said: “Our new large loan product comes with one of the lowest set fees in the market at £499 as well as a market leading tiered ERC, should customers need to exit early.
“Along with simplifying our two year fixed rate range with a single new product at a higher LTV than before, there are two attractive discounted rate alternatives, one of which has no arrangement fee at all.
“Here at the Dudley, we are redefining product value by reducing set up costs as well as continuing to simplify our offering.
“The large loan product is a clear example of our intentions by introducing a competitive product which benefits from reduced arrangement costs and a more customer-friendly exit penalty with our new tiered ERC.”
This follows on from the news last month that the society had replaced its entire 5-year fixed rate range with one 95% LTV product.