"Having a 5-year fixed shared ownership option available helps to provide not just further peace of mind on their mortgage payments, but also helps with affordability"
- Charlotte Grimshaw - Suffolk Building Society
Suffolk Building Society has announced that it has introduced a new shared ownership 95% LTV 5-year fixed mortgage product.
The launch of the new product arrives as the lender has also repriced its residential 95% LTV 5-year fixed (C&I) and shared ownership 95% LTV 2-year fixed products.
In addition, the Society has lowered the rate on its 80% LTV holiday let 5-year fixed mortgage product. Plus, further demonstrating its commitment to UK nationals living overseas, it has also reduced its 80% LTV expat buy to let 5-year product by 29bps.
The following will be available from today (Thursday 27 June 2024):
- 95% LTV shared ownership 5-year fixed at 5.25% for 60 months.
- 95% LTV residential 5-year fixed (C&I) reduced by 10bps to 5.39% (previously 5.49%) for 60 months.
- 95% LTV shared ownership 2-year fixed cut by 15bps to 5.60% (previously 5.75%) until 31 October 2026.
- 80% LTV holiday let 5-year fixed reduced by 10bps to 5.69% (previously 5.79%) for 60 months.
- 80% LTV expat buy to let 5-year fixed cut by 29bps to 5.80% (previously 6.09%) for 60 months.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said:
“In the current market, affordability can be a real barrier to many first-time buyers. Having a 5-year fixed shared ownership option available helps to provide not just further peace of mind on their mortgage payments, but also helps with affordability. We’re here to support first-time buyers as they embark on the journey to owning their own home.
“By also significantly reducing our expat buy to let 5-year product, we’re further supporting British expats living and working abroad in this niche area, whether they’re looking to invest in a property back home for rental income, or already have a property they let out.
“Whatever a customer’s borrowing requirements may be, our team of manual underwriters assesses each case individually. Further supported by our helpdesk and BDMs, the Society has extensive expertise in supporting brokers through the expat, first-time buyer, and holiday let borrowing process.”
