Dudley Building Society has replaced its five-year fixed rate product range with a single 95% fixed rate product.

The new product comes at a rate lower than any of its predecessors, the society confirmed.

Instead of having seven separate products with different tiered rates and LTVs, Dudley now has one five-year fixed rate product with a rate of 3.45% up to 95% LTV.

The society’s commercial director, Sam Ward, said that research had indicated it was important to simplify the choices for its introducers.

“Our research was telling us that while we were trying to accommodate the maximum number of different customer requirements, the five-year fixed rate range was actually becoming unnecessarily complicated,” Ward said.

“Simplicity should always trump complexity. So now, our introducers don’t have to wade through a mass of criteria when trying to make sure they slot their client into the right product.

“Looking at the number of product options in the market generally, without sourcing systems it would be virtually impossible for brokers to be sure their clients had the right deal. Our response is to take away the extra baggage of differing rates and LTVs and just have one five year fixed rate, suitable for every customer.”

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