It also adds new BTL deals offering lower rates with higher fees
Suffolk Building Society has made rate cuts of up to 55 basis points on its expat residential mortgages to further support UK nationals living and working abroad.
The lender’s expat residential two-year fixed rate mortgage, for both capital and interest repayments, has been reduced to 5.59% from 6.09%. This product allows for a maximum loan of £1 million and comes with a £199 application fee and a £999 completion fee.
Similarly, the expat residential two-year fixed rate large loan option now offers a rate of 5.59% for loans up to £2 million, with a £199 application fee and a completion fee calculated at 0.1% of the loan amount.
The interest-only version of the expat residential two-year fixed rate mortgage has seen a reduction from 6.44% to 5.89%. This option features a maximum loan of £500,000, with fees structured similarly to the other products at £199 for application and £999 upon completion.
All three revised mortgage products are available for up to 80% loan-to-value (LTV) and permit overpayments up to 50% of the original loan amount.
💥Boom! New rates, and new products💥
— Suffolk Intermediaries (@suffolk_broker) February 22, 2024
👉Expat Resi down by up to 55bps
👉BTL with lower rates, and higher fees - helping with affordability
👉5-year fixed resi at 80%, 90% and 95% LTV
👉Shared ownership now up to 95% LTVhttps://t.co/q9hndyMEFT#ExpatMortgages #BTLMortgages
In addition to these changes, the mutual has introduced new buy-to-let mortgage deals designed to assist landlords by offering lower rates with a higher completion fee of 3%. This move aims to help landlords in maximising their loan potential through improved interest coverage ratio (ICR) considerations.
The new buy-to-let mortgage rates include a two-year fix at 4.79% and an expat BTL two-year fix at 5.29%, both with a £199 application fee, a 3% completion fee, and allowed overpayments up to 50% of the initial loan amount. These deals also support loans up to 80% LTV with a maximum loan size of £1 million.
“We’re pleased to announce we’re reducing our rates across our expat ranges, further supporting the new currencies we’ve recently introduced for expat residential,” said Charlotte Grimshaw, head of mortgages at Suffolk Building Society.
“While mortgage rates remain higher than previous years, we understand that achieving their desired loan amount has become an issue for many BTL landlords. By offering a lower initial rate, with a higher fee, we’re providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
