Suffolk Building Society has reduced rates across its range of 2-year fixed residential and expat residential mortgage products, with cuts of up to 24 basis points. The new rates, which come into effect today, apply to seven products in total and are aimed at supporting brokers and borrowers in the wake of recent changes to the Bank of England base rate.
The changes cover both capital and interest, as well as interest-only options across different loan-to-value tiers. For UK residential borrowers, the Society has lowered the 80% LTV 2-year fixed capital and interest rate by 24bps to 4.85%, down from 5.09%. The equivalent interest-only product has been cut by 20bps to 5.15%. The 90% LTV 2-year fixed has also been reduced by 20bps, now set at 5.15%, while the 95% LTV product has dropped by 19bps to 5.35%, previously 5.54%.
For expat residential borrowers, rates have also seen a consistent 20bps reduction. The 80% LTV 2-year fixed capital and interest product now stands at 5.39%, while the interest-only equivalent has been reduced to 5.59%. The 90% LTV expat option has been brought down to 5.70% from 5.90%. All revised rates are fixed until 31 August 2027.
All seven products are available to applicants borrowing in or into retirement. There is no upper age limit at application or at the end of the mortgage term.
“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," comments the society's head of intermediaries, Charlotte Grimshaw (pictured). “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.”
