Suffolk Building Society has announced rate reductions of up to 20bps across 10 fixed rate products, effective immediately.
The cuts are to selected resi, expat resi, BTL, expat BTL, and holiday let products, including C&I and interest only products. It comes following a fall in swap rates in recent weeks.
Charlotte Grimshaw, head of intermediaries at the society, says:”We’re keen to pass on the benefits of the recently lowered swap rates to brokers and customers. There have been multiple reports of potential buyers delaying decisions until after the Budget, and with existing homeowners expressing trepidation over tax increases, these reductions will hopefully be welcome news.
“It improves our overall proposition for those seeking expat and holiday let products for their clients. These have always been important niches for us as a Society, and we remain committed to providing solutions that work for those who need them.
“Our criteria and manual underwriting approach make it possible to find a mortgage to suit even the most unusual of circumstances, and with these latest reductions, we continue to be a good solution for those who don’t fit with the high street.”
Residential rate reductions
Expat residential 80% LTV
- 5 Year Fixed C&I cut by 20bps to 5.25% (previously 5.45%)
- 5 Year Fixed IO reduced by 20bps to 5.45% (previously 5.65%)
Expat residential 90% LTV
- 5 Year Fixed C&I cut by 20bps to 5.55% (previously 5.75%)
Standard residential 80% LTV
- 5 Year Fixed IO reduced by 11bps to 5.29% (previously 5.4%)
Buy to let rate reductions
Expat buy to let 80% LTV
- 5 Year Fixed C&I reduced by 20bps to 5.45% (previously 5.65%)
Buy to let 80% LTV
- 2 Year Fixed C&I cut by 11bps to 5.19% (previously 5.3%) until 31 March 2028
- 5 Year Fixed C&I reduced by 10bps to 5.25% (previously 5.35%)
Buy to let light refurb 80% LTV
- 2 Year Fixed C&I cut by 11bps to 5.29% (previously 5.4%) until 31 March 2028
- 5 Year Fixed C&I reduced by 10bps to 5.35% (previously 5.45%)
Holiday let 80% LTV
- 5 Year Fixed C&I reduced by 6bps to 5.29% (previously 5.35%)
In addition to these rate reductions, six two-year fixed rate expat and holiday products are also being set up with extended end dates to ensure that customers benefit from a full-two year fixed period.
