Suffolk Building Society reduces selected resi and holiday let mortgage rates – The Intermediary

Suffolk Building Society has reduced the rate on its 90% loan-to-value (LTV) residential 3-year fixed product by 0.40% to 4.99%.

At the same time, the society withdrew its 80% LTV and 95% LTV 3-year fixed options.

The decision in principle (DIP) deadline for the withdrawn 80% and 95% products is 15th April, and the application deadline is 22nd April.

The society also announced reductions on its holiday let products, as well as extending the end date on 2-year fixed products.

Suffolk’s holiday let 2-year fixed has been reduced by 0.29% to 5.80%, while its 5-year fixed has been repriced to 5.69% for 60 months.

The society’s holiday let 2-year discount has been cut by 0.30% to 5.79% for 24 months, its expat holiday let 2-year discount to 6.19% and its expat holiday let 5-year fixed to 6.09%.

All five holiday let products are available up to 80% LTV and will then revert to standard variable rate (SVR) at the end of their respective mortgage terms.

The new rates are available from today, Thursday 11th April.

Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, said: “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.

“We’re pleased to be supporting intermediaries and their clients with this 90% residential 3-year fixed below 5%.”

She added: “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.”