Suffolk BS enhances first-time buyer offering with new products and lower rates

Suffolk Building Society has enhanced its first-time buyer proposition by introducing a new five-year shared ownership product at 95% LTV, as well as repricing 95% LTV residential and shared ownership products.

The new five-year fixed rate shared ownership product is available at 5.25% up to 95% LTV, while an existing 95% LTV two-year fixed rate shared ownership product has reduced by 15bps to 5.60%.

Elsewhere in the range, a 95% LTV residential five-year fixed rate has reduced by 10bps to 5.39%.

In addition, the Society has lowered the rate on its 80% LTV holiday let five-year fixed mortgage product by 10bps to 5.69% and its 80% LTV expat buy-to-let five-year product by 29bps to 5.80%.

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. We’re here to support first-time buyers as they embark on the journey to owning their own home.

“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 helpdesk and BDMs, the Society has extensive expertise in supporting brokers through the expat, first-time buyer, and holiday let borrowing process.”