Suffolk BS launches new 95% LTV products

A two-year fixed rate starts at 3.25% and a five-year fixed rate is available at 3.49%.

Self employed and new build house applications are accepted, and gifted deposits are accepted where applicants can demonstrate they have at least a 12-month rental history.

During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount. All products have a CHAPS fee of £35 and a tiered valuation fee based on property value applies. Remortgage applicants benefit from a free valuation and access to fee assisted legal services.

Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, said: “By offering fixed rates, we’re able to provide certainty over monthly payments, which should bring peace of mind to prospective home buyers, especially amid news of rising inflation, interest rates, and energy prices.

“We’re also really pleased to be able to welcome gifted deposits from renters who have family support as a route to home ownership. We recognise that the way people get on the property market has changed; gathering a lump sum for a deposit can be difficult, especially for those currently renting, and so increasing numbers of parents and grandparents are helping out family members in this way.

“The combination of 95% LTV, the security of a fixed rate, the maximum loan size, and the gifted deposit option will be a really compelling deal for intermediaries and their clients, especially as the five-year fixed option means we can assess affordability on product pay rate only and not apply a stressed rate scenario.”