The mutual's new shared ownership mortgage is available for purchase and remortgage
Suffolk Building Society has announced its re-entry into the shared ownership market with a new two-year fixed rate product.
The mutual’s new shared ownership mortgage is available for purchase and remortgage at 6.09% with a £199 application fee and no completion fee. The minimum loan size of £75,000 while the maximum is £500,000.
After the initial period, until January 31, 2026, the product has a revert-to rate of the Suffolk’s standard variable rate minus 1.74%, with a 3% floor, until April 30, 2029.
Earlier this month, Suffolk launched new products – a new eco self-build mortgage, an expat buy-to-let and a self-build mortgage product.
“Shared ownership enables more people to get on the housing ladder by giving an alternative to the traditional mortgage route,” commented Andrew Sadler, key account manager at Suffolk Building Society. “As shared ownership attracts borrowers who may be unable to save up a larger deposit, we are offering this product on a 90% loan-to-value basis.
“We are a society with a strong social purpose dating back 174 years. Being able to support people to have a place they can call home is at the core of both our lending policy and our charitable aims.”
The lender said it has communicated the launch of the new product to intermediaries via email and has updated the product pages on its websites accordingly. The deal can also be found through Suffolk’s mortgage product finder tool, along with further details on each product.
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