Changes have been made to 10 products, including selected residential, expat residential, buy-to-let (BTL), expat BTL, and holiday let products. The mutual has also tweaked interest-only and capital and interest repayment options.
Suffolk Building Society said it was able to make these changes following a recent fall in swap rates.
According to Chatham Financial, the two-year swap was 3.5% as of 7 November, down from 3.7% in October, while the five-year swap was 3.6% on 7 November, compared to 3.7% the month before.
Across its expat residential range at 80% loan to value (LTV), the five-year fix has been reduced from 5.45% to 5.25%, while the interest-only deal has fallen from 5.65% to 5.45%.
At 90% LTV, the five-year fix has been reduced by 20 basis points to 5.55%.
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The standard residential five-year fixed interest-only product at 80% LTV has gone down from 5.4% to 5.29%.
For expat BTL borrowers, the five-year fix at 80% LTV has been cut from 5.65% to 5.45%, and the standard two-year fixed BTL product has gone from 5.3% to 5.19%, while the five-year fix has moved from 5.35% to 5.25%.
The two-year fixed BTL light refurb product at 80% LTV has been cut from 5.4% to 5.29%, and the five-year fix has been cut from 5.45% to 5.35%.
Meanwhile, the five-year fixed holiday let mortgage at 80% LTV has been reduced from 5.35% to 5.29%.
Further, Suffolk Building Society has extended the end dates of six two-year fixed deals for expats and holiday let borrowing so borrowers benefit from a full two-year period.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re keen to pass on the benefits of the recently lowered swap rates to brokers and customers. There have been multiple reports of potential buyers delaying decisions until after the Budget, and with existing homeowners expressing trepidation over tax increases, these reductions will hopefully be welcome news.
“It improves our overall proposition for those seeking expat and holiday let products for their clients. These have always been important niches for us as a society, and we remain committed to providing solutions that work for those who need them.
“Our criteria and manual underwriting approach make it possible to find a mortgage to suit even the most unusual of circumstances, and with these latest reductions, we continue to be a good solution for those who don’t fit with the high street.”
