Suffolk Building Society has announced comprehensive rate reductions across its mortgage products.
The cuts of up to 0.24% are effective from today, Monday 17th February, and affect 14 fixed rate products.
The reductions are across buy-to-let, holiday let and all expat ranges.
For buy-to-let mortgages, the society’s 80% loan-to-value (LTV) 2-year fixed rate has been lowered by 0.14% to 5.55%, down from 5.69%, with the new rate available until 31 May 2027.
The 5-year fixed equivalent has also been reduced, now standing at 5.39%, a 0.10% decrease from the previous 5.49%, valid for 60 months.
Light refurbishment buy-to-let products have also seen reductions, with the 2-year fixed option now priced at 5.65%, down from 5.79%, while the 5-year fixed version has been cut by 0.10% to 5.49%.
Holiday let mortgage rates have also benefited from reductions.
The 80% LTV 2-year fixed rate has been cut by 0.14%, bringing it down to 5.65%, previously 5.79%, and available until 31 May 2027.
Meanwhile, the 5-year fixed rate has seen an even steeper cut of 0.24%, now standing at 5.45%, compared to its former level of 5.69%, and remains in place for 60 months.
Expat borrowers are also set to benefit from these rate changes.
Expat buy-to-let mortgage rates have dropped, with the 2-year fixed option at 80% LTV reduced by 0.15% to 5.70%, while the 5-year fixed counterpart has seen a 0.05% cut to 5.60%.
In the expat holiday let category, the 2-year fixed rate has been reduced by 0.20% to 5.89%, previously 6.09%, with the 5-year fixed option now standing at 5.79%, following a 10-basis-point decrease.
Expat residential mortgages have also seen downward adjustments.
The 80% LTV 2-year fixed rate on capital and interest repayment terms has been reduced to 5.69%, down from 5.79%, while the interest-only version now stands at 5.89%, following a 0.10% reduction.
5-year fixed rates in this category have also been trimmed by 0.10%, with the capital and interest product now at 5.49% and the interest-only equivalent at 5.69%.
The society has informed intermediaries of these updates via email, and all changes are reflected on its website.
Updated mortgage products can be accessed through the society’s Mortgage Product Finder tool, where full details are available.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re excited to reduce rates on some of our core lending areas.
” In addition to lowering our rates across many 2- and 5-year fixed rate products, we’re continuing to work on innovative criteria changes to further strengthen our proposition.
“We’re hoping to share these with you in the near future.
“By working closely with our brokers, we know that offering flexibility – such as multiple currencies on one application, and using uncrystallised pension pots – is making a huge difference, especially in terms of supporting people with more complex incomes.”
