"By dropping rates on residential options, and bringing back 95% LTV products for lower-deposit borrowers, we’re helping to put home ownership within the grasp of first-time buyers and keep the cost of monthly mortgage payments down."
- Charlotte Grimshaw - Suffolk Building Society
After a brief absence for operational reasons, Suffolk Building Society has returned to the 95% market with residential fixed and discount products.
These three products offer new options for borrowers, including first-time buyers. They include 5-year fixed, 2-year fixed and 2-year discount. The Society has also made reductions on its resi products at 90% and 80%, with up to 29bps off interest-only deals.
From Tuesday 11 June 2024, the following will be available:
Residential (C&I)
For 95% LTV a 2-year fixed at 5.89% until 30 September 2026, a 5-year fixed at 5.49% for 60 months, and a 2-year discount at 5.85% for 24 months.
For 90% LTV, a 2 year fixed has been reduced by 4bps to 5.55% (previously 5.59%) until 30 September 2026.
For 80% LTV, a 2-year discount reduced by 14bps to 5.25% (previously 5.39%) for 24 months, a 2-year fixed cut by 10bps to 5.29% (from 5.39%) until 30 September 2026, and a 2-year fixed large loan reduced by 10bps to 5.29% (from 5.39%) until 30 September 2026.
Residential (interest only)
- 80% LTV 2-year discount interest only cut by 29bps to 5.50% (from 5.79%) for 24 months.
- 80% LTV 2-year fixed interest only cut by 25bps to 5.44% (previously 5.69%) until 30 September 2026.
- 80% LTV 5-year fixed interest only reduced by 10bps to 5.29% (from 5.39%) for 60 months.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said: “We’re still in a highly dynamic mortgage market. By dropping rates on residential options, and bringing back 95% LTV products for lower-deposit borrowers, we’re helping to put home ownership within the grasp of first-time buyers and keep the cost of monthly mortgage payments down.
“The Society is also pleased to be able to reduce the rates on three interest-only products. We know these will help brokers with their later-life customers, where we’ve carved out a strong niche, in part due to no maximum age limits and our acceptance of pension assets. Borrowers with larger loans may face affordability challenges, and interest-only deals might appeal to them.
“While we’re known for our niches - later life, holiday let, self-build, and expat - we write a lot of standard residential business. Our team of manual underwriters assesses each case individually, so one late mobile phone direct debit won’t necessarily trigger the computer to say no!”
