Suffolk BS cuts two-year residential and holiday let rates

Suffolk Building Society has reduced rates across its residential and holiday let mortgages. The Society’s two-year residential fixed rates have been reduced by as much as 30bps and holiday let by 11bps. 

Available for both purchase and remortgage, an 80% LTV two-year fixed rate is down by 30bps to 4.99%, while an interest-only product has reduced by 15bps to 5.29%.

Two-year fixed rates have reduced by 30bps to 5.29% at 90% LTV and by 20bps to 5.69% at 95% LTV.

In addition, an 80% LTV two-year fixed rate holiday let product has reduced by 11bps to 5.69%.

The latest changes follow the Society’s recent product refresh and rate reduction across its expat range.

Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “There have been lots of positive signals across the property market in recent weeks. We’re pleased to see confidence returning with would-be buyers and movers buoyed by reduced interest rates. As the Bank of England’s rate cut hit in early August, it’s also quite likely that we haven’t yet seen its full impact. After a busy summer of sport, the general election and school holidays, routines will soon be reverting to normal and we may see further market momentum.

“We’re pleased to be supporting brokers and their clients with a number of rate reductions across our range. We know that many people have delayed buying, selling or remortgaging their home, so we hope our reductions serve as an additional encouragement. However, we also understand that a great rate is as useful as a chocolate teapot if few people meet the criteria. As always, our reductions are underpinned by a manual underwriting approach. This open-door policy means that we welcome discussions with brokers, particularly in more complex cases, to help them access these rates for their clients.”