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Suffolk BS cuts resi and holiday let rates

  • 11/04/2024
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Suffolk BS cuts resi and holiday let rates
Suffolk Building Society has lowered the rate for its three-year fixed rate at 90% loan to value (LTV), withdrawn select products and cut holiday let rates.

The mutual is withdrawing its 80% LTV and 95% LTV three-year fixed options from its residential range, with the decision in principle (DIP) deadline standing at 15 April and the application deadline pegged at 22 April.

The lender’s three-year fixed rate at 90% LTV is now priced at 4.99%.

On the holiday let side, its two-year fixed rate has been lowered by 0.29% to 5.8%, and its five-year fixed rate is 5.69%.

Suffolk Building Society’s holiday let two-year discount has fallen by 0.3% to 5.79%, and its expat holiday let two-year discount has been reduced to 6.19% from 6.29%.

The expat holiday let five-year fixed has been lowered by 0.2% to 6.09%.

All five holiday let products are available up to 80% LTV and will revert to the standard variable rate (SVR) at the end of their mortgage terms.

Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, said: “While we’re known for our niches of older borrowers, holiday lets, expats and self-build, it’s great to also be supporting residential borrowers with a highly competitive rate at 90% LTV. We’re pleased to be supporting intermediaries and their clients with this 90% residential three-year fixed below 5%.

“The holiday let market also remains a good investment for many people, especially with the popularity of ‘staycations’ showing little sign of waning just yet. By offering reductions of up to 30 basis points, we can continue to satisfy the growing demand for holiday properties.”

Suffolk Building Society recently brought out a 125% interest coverage ratio (ICR) on the stress rate for basic- or nil-rate taxpayers in its buy-to-let (BTL) and holiday let range.

The mutual has also made criteria changes around currencies, child maintenance and maximum storeys for flats.

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