Suffolk Building Society re-enters shared ownership market

Suffolk Building Society has re-entered the shared ownership market with a new two-year fixed rate product.

The new shared ownership mortgage is available at 6.09% up to 90% LTV for purchase and remortgage with no completion fee.

There is a minimum loan size of £75,000, a maximum loan size of £500,000, and an application fee of £199.

After the initial period, the product has a revert-to rate of the Society’s SVR minus 1.74% (with a 3% floor) until 30.04.2029.

Andrew Sadler, key account manager at Suffolk Building Society, said: “Shared ownership enables more people to get on the housing ladder, by giving an alternative to the traditional mortgage route.

“As shared ownership attracts borrowers who may be unable to save up a larger deposit, we are offering this product on a 90% loan-to-value basis.

“We are a Society with a strong social purpose dating back 174 years. Being able to support people to have a place they can call home is at the core of both our lending policy and our charitable aims.”