Dudley Building Society has announced it is launching two new five-year fixed rate products in the shared ownership space.

The society’s new five-year fixed rate shared ownership product has a rate of 3.29% and offers a maximum share of 95%.

Dudley has also increased the maximum LTV of its five-year fixed rate ex-pat residential product from 80% to 90%. The maximum loan size of this product has also increased from £1m to £1.5m, with a rate of 3.89%.

Furthermore, Dudley confirmed it is continuing to introduce tiered ERC rates to products, with a discounted ERC rate available following the first year.

The society’s chief executive, Jeremy Wood, said that the “ever-increasing cost-of-living” has put a “great amount of pressure” on prospective homeowners.

“We have been listening to our intermediary partners who have demanded longer term products that provide applicants with additional security,” Wood commented. “Following on from last week’s bank base rate increase to 1%, we expect that fixed rate propositions will only continue to be preferred by applicants.”

He added: “Since our LTV improvements in March, when we increased the maximum share for shared ownership applicants from 90% to 95%, we maintain the stance that servicing the mortgage needs of financially stretched applicants is increasingly important.

“The introduction of this Five Year Fixed Rate Shared Ownership product is both in response to demand from our intermediary partners, and part of our wider efforts to serve the underserved.”

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