Its two and three-year fixed deals for residential borrowers have been cut by 0.26 per cent to 5.89 per cent. This will revert to the mutual’s standard variable rate (SVR) minus 1.74 per cent until 2029 with a three per cent floor.
The products are available at 95 per cent LTV and have an application fee of £199 and a completion fee of £999.
For expat buy-to-let borrowers, the five-year fix at 80 per cent LTV has a rate of 5.95 per cent, down from 6.09 per cent.
This has an application fee of £199 and a completion fee of £1,499.
Andrew Sadler, key account manager at Suffolk Building Society, said: “We’re pleased to demonstrate our commitment to continually provide good value to brokers and their clients by further reducing rates.
“This is particularly important for those with a small deposit, such as first-time buyers. This will also be of interest to UK nationals living overseas who often prefer the security of a five-year deal.”
Gen H improves adverse credit criteria
Gen H has made changes to its criteria for borrowers with adverse credit.
It has increased its allowable default limit in the past three years from £100 to £300 and lowered the maximum missed payment policy to the last two years, instead of three.
It has also cut the missed payment review period for new-build properties at 90 per cent LTV, and all other properties at 95 per cent LTV, from three years to six months. After this point, standard lending requirements will apply.
Pete Dockar, chief commercial officer at Gen H, said: “We’re in a housing crisis, and helping people onto the ladder or into a more sustainable position as homeowners requires a holistic approach. We’re doing our part by lowering the barriers to entry, from allowing the addition of income boosters to mortgages to taking a more understanding view of applicants’ credit history. It’s the right thing to do, and we hope to see other lenders follow suit.”
Will Marchant, credit policy manager at Gen H, said: “These changes are significant but were a natural decision for us. Now, our credit policy aligns more closely with our ethos as a business – to boost affordability through innovation, and help more people realise their dreams of homeownership.
“I’m looking forward to overseeing more positive changes in the months to come.”
