Suffolk BS cuts buy-to-let and holiday let rates

Suffolk Building Society is trimming rates on its buy-to-let and holiday let mortgages, with reductions of up to 0.11% off its 80% LTV two-year fixed rate products.

Available from today, two-year fixed expat buy-to-let rates are down by 11bps to 5.59% and standard buy-to-let rates have reduced by 10bps to 5.45%.

A light refurb product and holiday let product have both reduced by 10bps, available from 5.55% and 5.45% respectively.

As part of the changes, end dates have extended until 31st August.

Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Buy-to-let landlords have faced financial pressure from all directions in recent years, be it changes to the tax regime, or rising interest rates. One challenge that persists for them is passing Interest Coverage Ratio (ICR) stress testing.

“By lowering rates across our popular two-year buy-to-let and holiday let products, we can help landlords improve their borrowing ability, without having to take a five-year fixed rate. We recognise their crucial role in the property sector, whether they have a holiday let, UK buy-to-let, or an expat buy-to-let mortgage.

“Expat buy-to-let is our second largest lending area, with our combination of flexible criteria and manual underwriting making us a go-to home for so many expat cases. We’re keen to continue supporting brokers with clients in this complex market, and we understand the fine balancing act they face, so we’re pleased to be reducing rates on this range.”