Lending Criteria

How much can my client borrow?

Income Band Multiplier
{band} {multiplier}

Before applying the income multiplier we will deduct the annual outlay of any confirmed monthly maintenance payments, any monthly outstanding debts or hire purchase and 36% of any outstanding credit card(s) balances from the income.

For joint applications, the multiple is based on 3.25x the combined joint incomes or the single income multiple of the highest earner plus 2x the second income.

The use of income multiples alone is not sufficient to assess whether the mortgage is affordable. The Society will carry out an Affordability test on all applications.

This allows us to consider cases outside the normal income multiples if the Affordability suggests the loan required is affordable.

Maximum term 30 years.

What purpose can my client take out borrowing for?
Loan Purpose
{purpose}
{max}

If your client owns more than one property, we

will require all addresses and mortgage details. Where monthly rental income covers at least 130% of the current mortgage payment(s), the let property(ies) can be treated as self-financing. Maximum LTV 85%. If the LTV is =<80% and the let property is mortgage free, 70% of the monthly rent received can be used as income. If the let property(ies) are subject to a mortgage we will allow 50% of the net profit from letting if the gross rent receivable represents more than 130% of the mortgage interest payable.

 

What is the maximum loan to value available to my client?

 

Lower of purchase price or valuation Max % loan/loan (whichever the higher)
{band} {max}

 

What if my client wishes to take a mortgage that extends into their retirement?

We will consider subject to the following criteria:

For clients who are more than 10 years from retirement we will need to discuss with your client and complete our supplementary Loan into Retirement Declaration Form.

If within 10 years of retirement we will need to receive documentary evidence of post retirement income, so please submit this with their Application Form.

Current Products

Product Details

{desc}

{prodnotes}

{FreeFees}

Initial Rate: {InitialRate}

APR: {APR}

Arrangement Fee: {ArrgFee}

Overpayments: {OverpayCharge}

ERC: {ERC}

Product Code: {ProdCode}

Initial
Rate		 Product
Term		 Product
Type		 Max
LTV
Available For
{InitialRate}
{prodterm}
{LoanType}
{MaxLTV}
{PurchaseType}

Procuration Fees: 0.3% of the mortgage advance, minimum fee of £200. Procuration fees are paid the week after completion.

Minimum Loan: £35,000, Maximum Loan: £500,000

We charge interest monthly.

Quick Calculator

Mortgage Amount:

Interest Rate:

Term (years):
 

 

 

 

This calculator is intended as a guide only. A full Key Facts Illustration is available. Click here >>

 

 

Service Team

 

If you need to discuss an application, please contact our Intermediary Service Team:

Lucy Sheldon

Claire Hyde

Samantha Hulse

Kevin Joyce

 

Dudley House
Stone Street
Dudley DY1 1NP

Tel: (01384) 231414

Fax: (01384) 233250

Email: mortgagesales
@dudleybuildingsociety.co.uk

 

Alternatively contact your Local Branch.

 

Dudley Building Society is authorised and regulated by the Financial Services Authority. Our FSA Registration Number is 161294.

Where We Lend

 

Unless the applicant is an existing member of the Society the property to be mortgaged must be located within one of the following postcode areas:

  • {postcode}