NEWS: Dudley BS Launches Five-Year Fixed Rate Expat Mortgage Range

Dudley Building Society has announced the launch of a new suite of five-year fixed-rate mortgage products, with particularly attractive offerings for expatriate borrowers.

Expat Product Range

The new expat mortgage lineup includes options for both residential and investment properties, catering to the diverse needs of British expatriates. For residential expat mortgages, Dudley is offering competitive five-year fixed rates until December 31, 2029:

  • 5.44% for loans up to 75% LTV
  • 5.49% for loans up to 85% LTV
  • Maximum loan size of £1.5m
  • £1,999 arrangement fee
  • Available for both purchase and expat remortgages
  • Choice between capital and interest or interest-only repayment methods

For expat investors, the building society has introduced new expat Buy-to-Let and Holiday Let products fixed until December 31, 2029:

  • 5.64% for loans up to 80% LTV
  • Maximum loan size of £1m
  • £1,999 arrangement fee
  • 10% annual overpayment allowance without penalty
  • Available on both capital and interest or interest-only basis

Market Impact and Expert Commentary

Luther Yeates, Head of Mortgages at UK Expat Mortgage, commented on Dudley’s new product range: “This launch from Dudley Building Society represents a significant development in the expat mortgage market. The combination of competitive rates and high LTV options, particularly the 85% LTV for residential expat mortgages, opens up exciting opportunities for British expatriates looking to maintain or establish a property presence in the UK.”

“What’s particularly noteworthy,” Yeates continued, “is the flexibility offered across these products. The choice between interest-only and capital repayment methods, combined with the generous 10% annual overpayment allowance, provides expat borrowers with valuable options for managing their mortgage in a way that suits their individual circumstances.

Interest only is typically very popular for expats as it fits around the income structure of many expats due to the types of employment: they’re often receiving large annual bonuses, which doesn’t fit well around monthly repayments.”

The manual underwriting process maintained by Dudley Building Society is also particularly beneficial for expat borrowers, whose circumstances often require a more nuanced assessment approach than automated systems can provide. Potential borrowers are encouraged to seek professional advice to understand how these new products might align with their property investment goals.

Looking for property finance in the UK as a non-resident? Get in touch for an independent summary of your financing options. 

Contents