"With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder."
- Charlotte Grimshaw, head of intermediary relations and mortgage sales
Suffolk Building Society has reduced rates across its 95% LTV residential mortgages by up to 0.30%.
A two-year fix at 95% LTV has been reduced by 30bps to 5.39% and a five-year fix is down by 24bps to 5.05%.
The Society is also slicing up to 30bps off its buy-to-let range, including light refurbishment, expat and holiday let products.
In its standard buy-to-let range, a two-year fix at 80% LTV is down by 20bps to 5.39% and a five-year fix has reduced by 30bps to 5.19%.
For buy-to-let light refurbishment, a two-year fix at 80% LTV has reduced to 5.49% and a five-year fix has decreased to 5.29%.
An 80% LTV two-year fixed rate expat buy-to-let product has reduced to 5.69% and a two-year holiday let product at 80% LTV is now available at 5.55%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “With house prices still rising, and the average UK house price standing at £289,723, there’s a clear need to support first-time buyers with their property ownership ambitions. First-time buyers are in the spotlight at the moment and rightly so. With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder. It also provides an alternative for those looking to remortgage and borrow extra for home improvements too.
“We’re also pleased to be able to offer landlords more affordable rates across various buy-to-let product types to help lower their monthly costs. And of course, lower payrates help with buy-to-let affordability, enabling them to access the loan amounts they require.
“As well as new regulations around energy efficiency and the introduction of a new Decent Homes Standard requiring improvements, landlords are also facing further changes from the upcoming Renters’ Rights Bill. In addition, next month’s Budget may bring further change. As a result, landlords face uncertainty so saving money where possible is always a positive.”
