The lender’s expat residential two-year fixed rate mortgage, for both capital and interest repayments, has been cut to 5.59% from 6.09%
Suffolk Building Society has made rate cuts of up to 55 bps on its expat residential mortgages to further support UK nationals living and working abroad.
The lender’s expat residential two-year fixed rate mortgage, for both capital and interest repayments, has been cut to 5.59% from 6.09%. This product allows for a maximum loan of £1 million and comes with a £199 application fee and a £999 completion fee.
Likewise, the expat residential two-year fixed rate large loan option now offers a rate of 5.59% for loans up to £2 million, with a £199 application fee and a completion fee calculated at 0.1% of the loan amount.
The interest-only version of the expat residential two-year fixed rate mortgage has seen a cut from 6.44% to 5.89%. This option features a maximum loan of £500,000, with fees structured similarly to the other products at £199 for application and £999 upon completion.
All three revised mortgage products are available for up to 80% LTV and permit overpayments up to 50% of the original loan amount.
Apart from these changes, the firm has introduced new BTL mortgage deals designed to help landlords by offering lower rates with a higher completion fee of 3%. This move aims to assist landlords in maximising their loan potential through improved ICR considerations.
The new BTL mortgage rates include a two-year fix at 4.79% and an expat buy-to-let two-year fix at 5.29%, both with a £199 application fee, a 3% completion fee, and allowed overpayments up to 50% of the initial loan amount. These deals also support loans up to 80% loan-to-value with a maximum loan size of £1 million.
We are pleased to announce we are reducing our rates across our expat ranges, further supporting the new currencies we have recently introduced for expat residential, said Charlotte Grimshaw, head of mortgages at Suffolk Building Society.
She added: 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 are providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment.
