"There is still some uncertainty in the market, particularly for first time buyers and those who are new to home ownership, and so we know that there is demand for good all-around five-year deals."
- Charlotte Grimshaw, head of intermediary relations and mortgage sales
Suffolk Building Society is trimming the rates on its five-year fixed rate residential mortgages by between 10 and 20 bps.
Available for both purchase and remortgage, five-year fixed rates at 80% LTV have reduced by 20bps and are now available from 4.79% on a capital and interest basis and 5.09% interest-only.
At 90% LTV, a five-year fixed has reduced by 20bps to 4.99%, while a 95% LTV product is down by 10bps to 5.29%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “We’re making this move because borrowers shouldn’t have to choose between the security of a longer-term deal and a great rate. There is still some uncertainty in the market, particularly for first time buyers and those who are new to home ownership, and so we know that there is demand for good all-around five-year deals.
“Not everyone will want or need a five-year fix but it’s a good product for any broker to have in their armoury. We also take multiple sources of income into consideration and offer 40 year terms, so we can provide that extra comfort factor around affordability for brokers and their clients.”
