"Over 85,000 homes have been purchased by tenants, but it is an area which has tended to slip beneath the radar of many advisers as a source of new business."
The product now enjoys a larger discount for term of 1.20% (previously 1.00%) from the SVR and is currently set at 3.79%. The LTV has also been increased to 85% (100% of the discounted purchase price) from 80% LTV. Mortgages are available from £25,000 to £500,000 along with a £400 cashback paid on completion.
A further advance product is also available on a discount for term basis at the same rate, up to 85% LTV.
Jeremy Wood, CEO of Dudley Building Society, commented: “Since Right to Buy rules were changed in 2012/13, over 85,000 homes have been purchased by tenants, but it is an area which has tended to slip beneath the radar of many advisers as a source of new business.
We believe that Right to Buy represents a sizeable niche for introducers to become involved in and by revamping our proposition we are confident that our introducers will make the most of their opportunities to expand their activity in this underserved area of the property funding market.”
