Dudley Building Society has launched a range of fixed and discounted rates available for mortgages between £500,000 and £1 million.
The lowest rate is priced below 4% and borrowers will need a 25% deposit to qualify. There is a 1% arrangement fee and a maximum mortgage term is 35 years.
There is a huge amount of competition in the larger loan mortgage market and many of the bigger banks have setup specialist teams to manage applications from wealthier borrowers.
Jeremy Wood, chief executive of Dudley Building Society, told Financial Reporter magazine: “With these new products we have aimed to provide choices for clients with large loans between £500,000 and £1million, as well as cater for the self-employed client, who, in my opinion has been largely side-lined by the market.”
Dudley Building Society is asking mortgage brokers to send in their most challenging residential mortgage enquiries, particularly those that have been turned away by mainstream lenders.
For help to secure a larger mortgage loan, call Trinity on 020 7016 0790.