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Dudley Building Society > News > Dudley Building Society Announce Rate Positions Following Base Rate Rise

Dudley Building Society Announce Rate Positions Following Base Rate Rise

Jeremy Wood

1st December 2017

Following a thorough review of both mortgage and savings product range the mutual has today announced that they will be holding mortgage rates and re-pricing a number of their savings rates for new and existing members.

The Society has not changed any of its mortgage products (with the exception of Tracker accounts that monitor the base rate) as a result of the rise and has re-priced its range of bonds for new customers and launched a new (Best Buy Featured) 5 Year Fixed Rate ISA. It has also increased the rates on a number of existing accounts that it felt were out of line with the market in a view to offer best value to its members wherever possible.

The building society at the heart of the Black Country, offers savings accounts and mortgages across the whole of England and Wales, has offered some useful information to anyone that has concerns about their hard earned savings or the impact on their mortgage.

• Don’t panic – being organised about your finances will mean you are best positioned to react to rate movement.

• Talk to your providers – are you taking advantage of the best product available and does it suit your needs?

• Understand the products that you have – this goes for savings and mortgages.

• Start saving if you don’t already – the comfort that anyone has even if they can build the smallest buffer has a phenomenal impact on your wellbeing. Recent statistics published by the Building Society Association stated that over a third of mortgage borrowers have no cash savings, and another 10% have less than £500.