Suffolk Building Society is taking up to 30bps off its 95% resi mortgages, giving an affordability boost to first time buyers and those with smaller deposits.
It is also slicing up to 30 bps off its fixed Buy to Let, Buy to Let Light Refurbishment, Expat Buy To Let and Holiday Let products. This will leave a little more in the pocket of landlords during a time of change for the market.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said:
“With house prices still rising, and the average UK house price standing at £289,723*, there’s a clear need to support first time buyers with their property ownership ambitions. First time buyers are in the spotlight at the moment and rightly so. With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder. It also provides an alternative for those looking to remortgage and borrow extra for home improvements too.
“We’re also pleased to be able to offer landlords more affordable rates across various Buy To Let product types to help lower their monthly costs. And of course, lower payrates help with BTL affordability, enabling them to access the loan amounts they require.
“As well as new regulations around energy efficiency and the introduction of a new Decent Homes Standard requiring improvements, landlords are also facing further changes from the upcoming Renters’ Rights Bill. In addition, next month’s Budget may bring further change. As a result, landlords face uncertainty so saving money where possible is always a positive.”
The following will be available for both purchase and remortgage from Monday 30 September 2024:
Residential
· 95% LTV 2 Year Fixed capital and interest has been reduced by 30bps to 5.39%, max loan £500,000
· 95% LTV 5 Year Fixed capital and interest has been reduced by 24bps to 5.05%, max loan £500,000
Buy to Let
● 80% LTV 2 Year Fixed capital and interest has been reduced by 20bps to 5.39%, max loan £1m.
● 80% LTV 5 Year Fixed capital and interest has been reduced by 30bps to 5.19%, max loan £1m.
Buy to Let Light Refurbishment
● 80% 2 Year Fixed capital and interest has been reduced by 20bps to 5.49%, max loan £1m.
● 80% 5 Year Fixed capital and interest has been reduced by 30bps to 5.29%, max loan £1m.
Expat Buy to Let
● 80% 2 Year Fixed capital and interest has been reduced by 16bps to 5.69%, max loan £1m.
Holiday Let
● 80% 2 Year Fixed capital and interest has been reduced by 14bps to 5.55%, max loan £1m.
The Society has communicated this product information to intermediaries via email, and the product pages on the Society’s websites have been updated. The deals can be found through the Society’s Mortgage Product Finder tool, along with further details.
The Society’s helpdesk team is available to assist with any queries.
*According to Land Registry figures the average house price in the UK was £289,723 in July 2024. Property prices have risen by 0.6% compared to the previous month, and risen by 2.2% compared to the previous year.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
