"By offering a lower initial rate, with a higher fee, we’re providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment."
- Charlotte Grimshaw, head of mortgages at Suffolk BS
Following the recent announcement that it will now accept five new currencies for expat residential products, Suffolk Building Society has reduced rates across its expat residential mortgages by up to 55bps.
The reprice takes the Society’s expat residential two-year fixed rate to 5.59%, down from 6.09%. With a maximum loan size of £1m, the product has a £199 application fee and £999 completion fee.
Its two-year fixed rate large loan product is also repriced, to 5.59% and has a maximum loan size of £2m. The application fee is £199 and the completion fee is 0.10% of the loan amount.
An interest-only two-year fixed rate has been cut by 55bps from 6.44% to 5.89%, with a maximum loan size of £500k, an application fee of £199 and a completion fee of £999.
All three products are available up to 80% LTV and allow overpayments of up to 50% of the original loan amount.
Improved buy-to-let maximum loan sizes
Suffolk Building Society is also adding new buy-to-let deals which offer a lower rate and a 3% completion fee to help landlords increase their maximum available loan when using the stressed ICR.
New 3% fee products include a two-year fixed rate at 4.79% and an expat two-year fixed rate at 5.29%. Both products have a £199 application fee and are available for loans up to 80% LTV on a maximum loan size of £1m.
Charlotte Grimshaw, head of mortgages at Suffolk Building Society, said: “We’re pleased to announce we’re reducing our rates across our expat ranges, further supporting the new currencies we’ve recently introduced for expat residential.
“While mortgage rates remain higher than previous years, we understand that achieving their desired loan amount has become an issue for many buy-to-let landlords. By offering a lower initial rate, with a higher fee, we’re providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment.”
