It also withdraws 80% LTV and 95% LTV three-year fixed options
Suffolk Building Society has announced a 40 basis-point reduction in the interest rate for its 90% loan-to-value (LTV) residential three-year fixed mortgage product, now at 4.99%.
Concurrently, the mutual will cease offering its 80% LTV and 95% LTV three-year fixed mortgage options. Deadlines for Decision in Principle (DIP) applications for the discontinued products are slated for April 15, with the final application deadline on April 22.
In addition to these changes, the lender has also made adjustments to its holiday let mortgage products and extended the terms on some of its two-year fixed products.
The changes include a decrease in the holiday let two-year fixed rate by 29 basis points (bps) to 5.80%. The holiday let five-year fixed rate has also been revised to 5.69% for a duration of 60 months.
Read more: Suffolk BS grows book by 11%
Moreover, the two-year discount rate for holiday lets has seen a reduction of 30bps to 5.79%, and the expat holiday let two-year discount rate is now 6.19%, down from 6.29%, for a 24-month term.
The expat holiday let five-year fixed rate has been decreased by 20bps to 6.09% for 60 months. These holiday let products, all available up to an 80% LTV, will revert to the standard variable rate (SVR) upon the conclusion of their mortgage terms.
Read more: Suffolk BS slashes expat residential rates
“While we’re known for our niches of older borrowers, holiday lets, expats and self-build, it’s great to also be supporting residential borrowers with a highly competitive rate at 90% LTV,” said Charlotte Grimshaw (pictured), head of intermediary relations at Suffolk Building Society. “We’re pleased to be supporting intermediaries and their clients with this 90% residential three-year fixed below 5%.
“The holiday let market also remains a good investment for many people, especially with the popularity of ‘staycations’ showing little sign of waning just yet. By offering reductions of up to 30bps, we can continue to satisfy the growing demand for holiday properties.”
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