Suffolk Building Society is trimming the rates on its 5-year fixed rate residential mortgages. This will give clients who prefer their mortgage to come with longer-term peace of mind, a better chance to access a competitive rate.
The Society is shaving off between 10 and 20 bps.
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales, Suffolk Building Society said: “We’re making this move because borrowers shouldn’t have to choose between the security of a longer-term deal and a great rate. There is still some uncertainty in the market, particularly for first time buyers and those who are new to home ownership, and so we know that there is demand for good all-around 5-year deals.
“Not everyone will want or need a 5-year fix but it’s a good product for any broker to have in their armoury. We also take multiple sources of income into consideration and offer 40 year terms, so we can provide that extra comfort factor around affordability for brokers and their clients.”
The following will be available for both purchase and remortgage from Thursday 12 September 2024:
● 80% LTV 5 Year Fixed capital and interest has been reduced by 20bps to 4.79%, max loan £2m.
● 80% LTV 5 Year Fixed interest only has been reduced by 20bps to 5.09%, max loan £750k.
● 90% LTV 5 Year Fixed capital and interest has been reduced by 20bps to 4.99%, max loan £500k.
● 95% LTV 5 Year Fixed capital and interest has been reduced by 10bps to 5.29%, max loan £500k.
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.
