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Suffolk BS adds shared ownership deal and reduces rates
Suffolk Building Society has released a five-year fixed mortgage for shared ownership borrowers amid a number of changes to its offering.
Suffolk Building Society’s shared ownership product is available at 95% loan to value (LTV) and has a rate of 5.25%.
The mutual has also repriced options at 95% LTV and other shared ownership products.
This includes its standard five-year fixed residential mortgage at 95% LTV, which has been reduced by 0.1% to 5.39%, and the two-year fixed shared ownership product, also at 95% LTV, which has been lowered by 0.15% to 5.6%.
The mutual has also reduced the rate of its five-year fixed holiday let product at 80% LTV, which has gone down from 5.79% to 5.69%. The expat buy-to-let (BTL) product, which is also fixed for five years and available at 80% LTV, has been lowered from 6.09% to 5.8%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “In the current market, affordability can be a real barrier to many first-time buyers. Having a five-year fixed shared ownership option available helps to provide not just further peace of mind on their mortgage payments, but also helps with affordability.
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“We’re here to support first-time buyers as they embark on the journey to owning their own home.”
Grimshaw added: “By also significantly reducing our expat buy-to-let five-year product, we’re further supporting British expats living and working abroad in this niche area, whether they’re looking to invest in a property back home for rental income, or already have a property they let out.
“Whatever a customer’s borrowing requirements may be, our team of manual underwriters assesses each case individually. Further supported by our help desk and business development managers, the society has extensive expertise in supporting brokers through the expat, first-time buyer, and holiday let borrowing process.”
Suffolk Building Society returned to the 95% LTV lending tier earlier this month with fixed and discount rate options after pulling out for “operational reasons”.