Suffolk Building Society has announced rate reductions of up to 0.26% on selected holiday let and expat mortgages.
Available from 15th January, 80% LTV two-year fixed rate holiday let products have reduced by 26bps to 5.19%, with the expat product down by 25bps to 5.64%.
In Suffolk's expat residential range, rates have also reduced by 0.10%. At 80% LTV, a two-year fixed rate is down to 5.19% and an interest-only product has reduced to 5.39%. In addition, a 90% LTV two-year fix has decreased to 5.49%.
In addition to these rate cuts, the Society’s SVR will be reduced by the full 25bps following the Bank of England’s decision to reduce the base rate on the 18th December. This new SVR comes into effect on 1st February.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “Last week we announced significant criteria enhancements for brokers and their customers, so it's great to be able to also move rates and SVR in the right direction.
“There are multiple reasons expats may choose to own a property in the UK. An expat holiday let can be the best of both worlds – it's a source of income, while also offering a flexible UK base, for up to 60 days, for expats when they’re in the country.”
