Rates of 95% LTV products are among those reduced
Suffolk Building Society has announced a reduction in rates for its 95% residential products and five-year expat buy-to-let mortgage.
Rate reductions of up to 26 basis points (bps), have been implemented on products for both purchase and remortgage transactions on a capital and interest basis.
For residential properties, the two- and three-year products are now priced at 5.89%, with a decrease of 26bps. Following the initial term, the rates will revert to the standard variable rate (SVR) minus 1.74% until July 31, 2029, with a minimum rate floor of 3%.
These products are available for loan-to-values (LTVs) of up to 95%, with a minimum loan amount of £75,000 and a maximum of £500,000. The associated fees include an application fee of £199 and a completion fee of £999.
On the expat buy-to-let range, Suffolk Building Society is offering a five-year fixed rate at 5.95%, after a reduction of 14bps. After the fixed term, the mortgage will switch to the SVR for its remaining duration.
These products are available at an LTV ratio of 80%, with a minimum loan amount of £75,000 and a maximum of £1 million. Similar to the residential offerings, there is an application fee of £199 and a completion fee of £1,499.
Separately, the mutual recently launched a couple of two-year fixed rate mortgages for loans ranging from £1 million to £2 million. It also rolled out new light refurb mortgage products for private landlords earlier this month.
The deals, including those newly repriced, can be found through the lender’s Mortgage Product Finder tool, along with further details on each product.
“We’re pleased to demonstrate our commitment to continually provide good value to brokers and their clients by further reducing rates,” Andrew Sadler, key account manager at Suffolk Building Society, commented. “This is particularly important for those with a small deposit, such as first-time buyers. This will also be of interest to UK nationals living overseas who often prefer the security of a five-year deal.”
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