Dudley Building Society – strategic rebrand and product offers

Dudley Building Society has undergone a number of changes, including a logo transformation and launching some new and re-emerging products for borrowers, intermediaries and introducers in the midst of the ongoing pandemic.

A modernised rebrand

The society has unveiled a new logo with the strapline ‘Your Building Society’ to better reflect its central place in the community it serves locally and regionally.

Jeremy Wood, chief executive at the Dudley, says: “It is an exciting time to rededicate ourselves afresh to the principles of service and mutuality.”

“We have been at the heart of our local community for over 160 years. We value every member and partner connected to us and it is this connection that drives what we do and what has motivated us to refocus our efforts on the founding principles of service and support.”

Wood says the rebrand provides an opportunity to revisit the foundation on which the society was built.

“During this extremely challenging time, we are here to utilise our experience, provide guidance, positivity and a helping hand to assist our members achieve their personal goals,” he adds.

‘Lending into retirement’

Dudley has also reintroduced a ‘lending into retirement’ option for borrowers looking to extend their term beyond their planned retirement age.

The only conditions are that loan-to-value (LTV) does not exceed 75% and there must be more than ten years from the date of completion to retirement.

Commercial director Sam Ward comments: “We feel it is the right moment to bring back an option for customers who might have been restricted by wanting to borrow up to and into retirement.”

“Part of our remit as a building society, which we take very seriously, is to accommodate as many of our members and introducers as we can. Dudley is delighted to be able to provide for particular niches like this one, where customers are disadvantaged simply due to their age.”

Increased LTVs and remortgage products

Among these changes is the launch of three new fixed-rate products and a pure two-year discount product – all with increased LTVs to 85%.

• The fixed-rate products share maximum LTVs at 85%, capital & interest (C&I) repayment and loan sizes between £25,000 and £1 million.

  • Two years fixed at 3.79%

  • Three years fixed at 3.84%

  • Five years fixed at 3.89%

• A 1.20% two-year discounted product at 3.79%, 85% max LTV, C&I repayment and loan sizes between £25,000 and £1 million.

• 1.05% part and part discounted for term product at 3.94% (75% interest only/10% C&I) 85% max LTV and loan sizes between £25,000 and £1 million

The society is already supporting its local communities by offering a 90% LTV product, which includes a £150 cashback for house purchases and remortgages in local DY, WV, WS or B postcodes.

Ward says: “We have listened to our introducers whose customers are looking for higher LTVs and we have responded positively with these new products.”

“December was the biggest month for mortgage maturities in 2020, with almost 170,000 accounts reaching the end of existing deals, according to data from CACI.”

“We recognise now more than ever how important it is to support broker customers by providing product options which suit their needs during this challenging time.”

‘Stamp duty offset’ mortgage

Lastly, with the stamp duty holiday still due to end on March 31, Dudley has launched a mortgage to help buyers who are unlikely to complete before the deadline expires.

The new two-year fixed-rate mortgage includes:

• 3.99% two-year fixed rate

• £1,000 cashback

• Minimum loan £200,000

• Max LTV 80%

• No arrangement fee

• Free valuation

Commenting on the new initiative, Ward explains: “This is a great opportunity for advisers to support clients who would like to get a house purchase through amid the uncertainty surrounding the stamp duty deadline.”