Suffolk Building Society has announced that it has reduced the rates on its 2-year discount, 2-year fixed and 5-year fixed rate Expat Holiday Let mortgages by up to 20bps, while also increasing the maximum loan size across these products to £1m.
In addition, the Society has also increased its maximum loan size to £650,000 for 90% LTV residential mortgages, and £1m for 80% LTV interest only UK and expat residential products.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said: “Expat lending is one of our specialist niches and so we are committed to meeting the growing demand from both brokers and their clients in this market.
"By refreshing our rates, we aim to provide competitive and flexible options catering to the needs of expat borrowers, around the world, ensuring they have the support and financial products to make the most of investment opportunities.”
Following the changes, the lender's 80% LTV 2 Year Discount has been reduced by 15bps to 5.79%, max loan £1m, the 80% LTV 2 Year Fixed has been reduced by 10bps to 5.99%, max loan £1m, and its 80% LTV 5 Year Fixed has been reduced by 20bps to 5.89%, max loan £1m.
Charlotte Grimshaw concluded: “We have amassed enough experience during the last few years to now be in a position where we can increase the maximum loan size for expat holiday let in line with other similar products such as standard holiday let, standard buy to let and expat buy to let products.”
