Dudley Building Society has lowered the rate of its right to buy (RTB) product, as well as increased its maximum loan-to-value (LTV).
The product is now available at 85% LTV, an increase from 80% LTV, and offers a term of 1.20% (previously 1.00%) from the standard variable rate (SVR) of 4.99%, currently set at 3.79%.
Dudley BS has also made a further advance product available on a discount for term basis at the same rate as above, up to 85% LTV.
Jeremy Wood, chief executive of Dudley Building Society, said: “Since RTB rules were changed in 2012/13, over 85000 homes have been purchased by tenants, but it is an area which has tended to slip beneath the radar of many advisers as a source of new business.
“We believe that RTB represents a sizeable niche for introducers to become involved in and by revamping our proposition we are confident that our introducers will make the most of their opportunities to expand their activity in this underserved area of the property funding market.”