Dudley Building Society reinstates national lending
THE Dudley Building Society has returned to nationwide lending to capitalise on changing trends.
The society has lifted its geographical lending restrictions as it looks to increase its levels of mortgage lending.
It has supported the move with a range of products designed to entice borrowers.
These include a new two-year discounted rate deal at 2.29%, a discount of 2.70% off the society’s Standard Variable Rate.
Jeremy Wood, the society’s chief executive, said: “Up until relatively recently, we were a little concerned that we did not want to be flooded out and deal with large volumes.
“But the market has changed significantly over the past few months and availability of finance is much better, so we thought instead of making our lending restrictive let’s make it available to all comers.
“We have introduced a competitive discounted rate as this is what the market is asking for. Indications are that interest rates will remain static, so will borrowers benefit from paying the premium attached to a Fixed Rate? We feel that a competitive discounted rate offers borrowers real choice.”
He added that in lifting lending restrictions, the society had to maintain a structure of distribution. As it enjoys strong working relationships with London & Country, Legal & General Mortgage Club and Connells, it made sense to take the new products to the market with the help of their expertise.
