Suffolk BS cuts residential and holiday let rates by up to 0.40%

Suffolk Building Society has announced a series of rate reductions across its residential and holiday let product ranges.

The lender's 90% LTV residential three-year fixed product has reduced by 40bps to 4.99%.

At the same time, the Society is withdrawing the 80% LTV and 95% LTV three-year fixed options from its range. The DIP deadline for the withdrawn 80% and 95% products is 15th April, and the application deadline is 22nd April.

The Society has also announced reductions on its holiday let products, as well as extending the end date on two-year fixed products.

A two-year fixed rate holiday let product has reduced by 29bps to 5.80%, while a five-year fix is down to 5.69%.

Two-year discount products are down by 30bps to 5.79% and an expat holiday let two-year discount rate has reduced by 10bps to 6.19%.

Finally, an expat holiday let five-year fixed has been cut by 20bps to 6.09%.

All five holiday let products are available up to 80% LTV.

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 30bps, we can continue to satisfy the growing demand for holiday properties.”