From today, brokers can take advantage of lower pricing on Suffolk Building Society’s residential and holiday let mortgages. The Society’s two year residential fixed rates have been reduced by as much as 30bps and holiday let is also down 11bps. This follows the Society’s recent product refresh and rate reduction across its expat range.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said: “There have been lots of positive signals across the property market in recent weeks. We’re pleased to see confidence returning with would-be buyers and movers buoyed by reduced interest rates. As the Bank of England’s rate cut hit in early August, it’s also quite likely that we haven’t yet seen its full impact. After a busy summer of sport, the general election and school holidays, routines will soon be reverting to normal and we may see further market momentum.
“We’re pleased to be supporting brokers and their clients with a number of rate reductions across our range. We know that many people have delayed buying, selling or remortgaging their home, so we hope our reductions serve as an additional encouragement. However, we also understand that a great rate is as useful as a chocolate teapot if few people meet the criteria. As always, our reductions are underpinned by a manual underwriting approach. This open-door policy means that we welcome discussions with brokers, particularly in more complex cases, to help them access these rates for their clients.”
The following will be available for both purchase and remortgage from Thursday 5 September 2024:
Residential
- 80% LTV 2-year fixed capital and interest has been reduced by 30bps to 4.99%, max loan £2m.
- 80% LTV 2-year fixed interest only has been reduced by 15bps to 5.29%, max loan £750k.
- 90% LTV 2-year fixed capital and interest has been reduced by 30bps to 5.25%, max loan £500k.
- 95% LTV 2-year fixed capital and interest has been reduced by 20bps to 5.69%, max loan £500k.
Holiday let (max loan size £1m)
- 80% LTV 2-year fixed has been reduced by 11bps to 5.69%.
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.
