It launches a new 95% LTV shared ownership product and lowers existing rates
Suffolk Building Society has launched a new shared ownership five-year fixed mortgage product at 95% loan-to-value (LTV).
The mutual has also reduced the rate on its 80% LTV holiday let five-year fixed mortgage product. In addition, it has lowered its 80% LTV expat buy-to-let five-year product by 29 basis points, reflecting what it says is its commitment to supporting UK nationals living overseas.
The new and repriced products include a 95% LTV shared ownership five-year fixed mortgage at 5.25%, a 95% LTV residential five-year fixed mortgage reduced by 10bps to 5.39%, a 95% LTV shared ownership two-year fixed mortgage cut by 15bps to 5.60%, an 80% LTV holiday let five-year fixed mortgage reduced by 10bps to 5.69%, and an 80% LTV expat buy-to-let five-year fixed mortgage cut by 29bps to 5.80%.
These deals can be found through the society’s Mortgage Product Finder tool, which provides further details.
Suffolk Building Society said the changes, which were communicated to intermediaries through email and updated product pages on its website, aim to support first-time buyers by providing long-term stability as they enter the housing market.
“In the current market, affordability can be a real barrier to many first-time buyers,” said Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society. “Having a five-year fixed shared ownership option available helps to provide not just further peace of mind on their mortgage payments, but also helps with affordability. We’re here to support first-time buyers as they embark on the journey to owning their own home.
“By also significantly reducing our expat buy to let five-year product, we’re further supporting British expats living and working abroad in this niche area, whether they’re looking to invest in a property back home for rental income, or already have a property they let out.
“Whatever a customer’s borrowing requirements may be, our team of manual underwriters assesses each case individually. Further supported by our helpdesk and BDMs, the society has extensive expertise in supporting brokers through the expat, first-time buyer, and holiday let borrowing process.”
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