Suffolk Building Society is set to reduce the rates on its 2-year fixed rate residential and expat residential mortgage products.
The cuts of up to 0.24% are effective from today, Monday 19th May, and include seven products in total, all of which are available to applicants borrowing in – and into – retirement.
In addition, there is no maximum age at application or at the end of the mortgage term.
The society’s 80% loan-to-value (LTV) 2-year fixed rate for capital and interest has been reduced by 0.24%, bringing the rate down to 4.85% from its previous 5.09%. This rate is available until 31 August 2027.
The 80% LTV 2-year fixed interest-only option has been lowered by 0.20% to 5.15%, down from 5.35%, also until 31 August 2027.
The 90% LTV 2-year fixed residential rate has similarly been reduced by 0.20% to 5.15%, from the previous 5.35%, and is available until the same date.
Additionally, the 95% LTV 2-year fixed residential rate has decreased by 0.19%, now standing at 5.35%, down from 5.54%, valid until 31 August 2027.
For expat residential mortgages, the 80% LTV 2-year fixed rate for capital and interest has been reduced by 0.20% to 5.39%, down from 5.59%, and is available until 31 August 2027.
The 80% LTV 2-year fixed interest-only rate has also been reduced by 0.20% to 5.59%, from its previous 5.79%, valid until the same date.
The 90% LTV expat residential 2-year fixed rate has been reduced by 0.20% to 5.70%, from 5.90%, with the offer available until 31 August 2027.
The society has informed intermediaries of these changes via email, and the updated product information is now available on the society’s website.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “It’s great to take advantage of the base rate cut and lower swap rates to reprice down and pass on the benefits to borrowers.
“It’s especially pleasing to offer these lower rates to brokers with later life clients, those with complex income, or minor credit blips, as this is a large part of our UK residential lending portfolio.”
