You are here: Home - News -

Suffolk BS returns to 95% LTV with fixed and discount deals

  • 10/06/2024
  • 0
Suffolk BS returns to 95% LTV with fixed and discount deals
Suffolk Building Society has returned to the 95% loan to value (LTV) market with residential fixed and discount products.

The lender said that its “brief absence” from the 95% LTV tier was for “operational reasons” but the products offered new options for borrowers, including first-time buyers.

The new products include a two and five-year fixed rate at 5.89% and 5.49% respectively, along with a two-year discount deal at 5.85%.

The society has also cut rates on residential products at 80% and 90% LTV by up to 0.29% for interest-only deals.

Its two-year fixed rate at 90% LTV is 5.55%, while at 80% LTV the product is 5.29%. The lender’s large loan 80% deal is 5.29% and its discount product at the same LTV tier is 5.25%.

On the interest-only side, its two-year discount product at 80% LTV is 5.5%, its two-year fixed rate is 5.44% while its five-year fixed rate is 5.29%.

Charlotte Grimshaw, head of intermediary relations and mortgage sales, 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.”

She added: “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.”

Suffolk Building Society’s mortgage advances came to £180m in 2023, a rise from £165m in the prior year.

There are 0 Comment(s)

Leave a Reply

You may also be interested in