Dudley Building Society has replaced its entire 5-year fixed rate range with one 95% loan-to-value (LTV) product.
Instead of having seven separate products with different tiered rates and LTVs, Dudley now has one 5-year fixed rate product at 3.45% and up to 95% LTV.
Sam Ward, commercial director at Dudley Building Society, said: “Our research was telling us that while we were trying to accommodate the maximum number of different customer requirements, the 5-year fixed rate range was actually becoming unnecessarily complicated.
“Simplicity should always trump complexity. So now, our introducers don’t have to wade through a mass of criteria when trying to make sure they slot their client into the right product.
“Looking at the number of product options in the market generally, without sourcing systems it would be virtually impossible for brokers to be sure their clients had the right deal.
“Our response is to take away the extra baggage of differing rates and LTVs and just have one 5-year fixed rate, suitable for every customer.”