One reduces rates, another raises maximum loan size
Family Building Society and Suffolk Building Society have both announced significant updates to their product offerings, aimed at providing customers better access to their mortgage deals.
Family Building Society has reduced the rates on its owner-occupier interest-only and buy-to-let products, with adjustments that include a 15 basis points (bps) cut on all owner-occupier interest-only rates. Its five-year fixed rates now start from 5.54%, while two-year fixes begin at 6.14%.
The mutual’s limited company fixed rates have been reduced by 20bps, with five-year fixed rates from 5.34% and two-year fixed rates from 5.84%. Expat fixed rates have also seen a 10bps reduction, bringing the two-year fixed rate to 5.99%.
“These reductions will be welcome news for our intermediary partners who have clients seeking the stability of a fixed interest only product,” said Darren Deacon (pictured left), head of intermediary sales at Family Building Society.
“Likewise, landlords will now benefit from a choice of significantly reduced limited company products as well as additional reductions for expat landlords, which further demonstrates our commitment to the buy-to-let market.”
Furthermore, Family Building Society has reintroduced a three-year interest-only owner-occupier discounted variable rate product with 60% and 80% loan-to-value (LTV) options available for purchase, remortgage, further advance, and product switch.
Meanwhile, Suffolk Building Society has extended its maximum loan size from £1 million to £2 million across all standard residential and expat residential capital and interest (C&I) products up to 80% LTV.
The change, which replaces the two specific large loan mortgage products introduced earlier this year, affects products including the 80% LTV residential two-year discount C&I, two-year fixed C&I, five-year fixed C&I, and similar products for expats.
“We know brokers love our common sense approach to lending, and we appreciate that they’re busy people who want to concentrate on helping their clients, so we’re keeping things as simple as possible to make their lives easier,” said Charlotte Grimshaw (pictured right), head of intermediary relations and mortgage sales at Suffolk Building Society.
“We also understand that house prices are rising and want to widen the product choice for this loan type. Within the expat market in particular, choice is often limited, especially in recent years, so we’re always striving for ways to better support this underserved niche.”
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