Suffolk Building Society cuts expat residential mortgages by up to 0.55%

Following Monday’s announcement that it will now accept five new currencies for expat residential products, Suffolk Building Society has cut its expat residential mortgages by up to 0.55%.

This reprice takes the Society’s expat residential 2-year fixed rate (capital and interest) to 5.59% (previously 6.09%).

With a maximum loan size of £1m, this product has a £199 application fee and £999 completion fee.

The expat residential 2-year fixed rate, large loan (capital and interest) is also repriced, to 5.59% and has a maximum loan size of £2m.

The application fee is £199 and the completion fee is 0.10% of the loan amount.

In addition, the expat residential 2-year fixed rate (interest only) has been cut by 0.55% from 6.44% to 5.89%.

This deal has a maximum loan size of £500,000, an application fee of £199 and a completion fee of £999.

All three products are available up to 80% loan-to-value (LTV) and allow overpayments of up to 50% of the original loan amount.

Suffolk Building Society is also adding new buy-to-let deals which offer a lower rate and a 3% completion fee.

In doing so, the society aims to help landlords increase their maximum available loan when using the stressed ICR (Interest Coverage Ratio).

The new deals include a 2-year fixed at 4.79% and an expat 2-year fixed at 5.29%.

The application fee for both products is £199 and the completion fee is 3% of the loan amount.

Charlotte Grimshaw, Head of Mortgages, Suffolk Building Society said: “We’re pleased to announce we’re reducing our rates across our expat ranges, further supporting the new currencies we’ve recently introduced for expat residential.  

“While mortgage rates remain higher than previous years, we understand that achieving their desired loan amount has become an issue for many BTL landlords.

“By offering a lower initial rate, with a higher fee, we’re providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment.”