Suffolk Building Society has announced the withdrawal and replacement of several of its expat fixed-rate mortgage products.
Suffolk’s expat residential and expat buy-to-let mortgage offerings are undergoing changes, with rate withdrawals and additions effective from July 21st, 2023.
Products being withdrawn include expat residential 50% 2-year fixed C&I with an interest rate of 5.99%, the expat residential 50% 2-year fixed IO with a rate of 6.19%, and the expat buy-to-let 50% 2-year fixed product featuring a 6.09% rate. The withdrawal will take effect at 5 p.m. on July 21st, 2023.
The Society has provided important dates for mortgage brokers and customers to note. The deadline for decision in principle (DIP) submissions is by 5 p.m. on July 21st, 2023. Meanwhile, the application submission cut-off is set for 5 p.m. on July 28th, 2023.
In the place of the withdrawn products, Suffolk Building Society is introducing new rates, accessible from July 20, 2023. The expat residential 50% 2-year fixed C&I and IO will now feature interest rates of 6.69% and 6.89% respectively. Simultaneously, the expat buy-to-let 50% 2-year fixed will be available at a rate of 6.79%.
