"While we’re known for our niches - later life, holiday let, self build, and expat - we write a lot of standard residential business."
- Charlotte Grimshaw, head of intermediary relations and mortgage sales
Suffolk Building Society has returned to the 95% LTV market with a new range of residential fixed and discount products.
The Society has also made reductions on its residential products at 80% and 90% LTV, with up to 29bps off interest-only deals.
Available from tomorrow, new 95% LTV products include a two-year fixed rate at 5.89%, a five-year fix at 5.49%, and a two-year discount product at 5.85%.
In addition, a 90% LTV two-year fix has reduced by 4bps to 5.55%. At 80% LTV, a two-year discount rate is down by 14bps to 5.25% and a two-year fix has reduced by 10bps to 5.29%.
In the Society's interest-only range at 80% LTV, a two-year discount product is down by 29bps to 5.50%, a two-year fixed rate has been cut by 25bps to 5.44%, and a five-year fixed rate has reduced by 10bps to 5.29%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “We’re still in a highly dynamic mortgage market. By dropping rates on residential options and bringing back 95% LTV products for lower-deposit borrowers, we’re helping to put home ownership within the grasp of first-time buyers and keep the cost of monthly mortgage payments down.
“The Society is also pleased to be able to reduce the rates on three interest-only products. We know these will help brokers with their later life customers, where we’ve carved out a strong niche, in part due to no maximum age limits and our acceptance of pension assets. Borrowers with larger loans may face affordability challenges, and interest-only deals might appeal to them.
“While we’re known for our niches - later life, holiday let, self build, and expat - we write a lot of standard residential business. Our team of manual underwriters assesses each case individually, so one late mobile phone direct debit won’t necessarily trigger the computer to say no!”
