Suffolk Building Society has returned to the 95% market with new residential fixed and discount products. These new options include a 5-year fixed, 2-year fixed, and 2-year discount, targeting borrowers such as first-time buyers. Reductions have also been made on its 90% and 80% residential products, with up to 29 basis points off interest-only deals.
From Tuesday, 11 June 2024, the following will be available:
The 95% LTV 2-year fixed is now at 5.89% until 30 September 2026. The 95% LTV 5-year fixed is at 5.49% for 60 months. The 95% LTV 2-year discount is at 5.85% for 24 months. Additionally, the 90% LTV 2-year fixed has been reduced by 4 basis points to 5.55%, and the 80% LTV 2-year discount has been reduced by 14 basis points to 5.25% for 24 months. The 80% LTV 2-year fixed is cut by 10 basis points to 5.29%, and the 80% LTV 2-year fixed large loan is also reduced to 5.29%.
For interest-only options, the 80% LTV 2-year discount is cut by 29 basis points to 5.50% for 24 months. The 80% LTV 2-year fixed interest-only is reduced by 25 basis points to 5.44% until 30 September 2026. The 80% LTV 5-year fixed interest-only is reduced by 10 basis points to 5.29% for 60 months.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at 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
