Suffolk Building Society has announced a series of rate reductions across its buy-to-let and holiday let mortgage ranges.

From Tuesday 6 May, the mutual will cut rates by up to 11 basis points on its 80% loan-to-value (LTV) two-year fixed rate products. The reductions apply to both purchase and remortgage cases, including expat and light refurbishment products, with the fixed end dates extended to 31 August 2027.

The largest cut comes on the 80% LTV expat buy-to-let two-year fixed capital and interest product, which falls by 11bps to 5.59%. The standard buy-to-let version at the same LTV drops by 10bps to 5.45%, while the light refurbishment equivalent moves down to 5.55%, also by 10bps.

Rates on the 80% LTV holiday let and expat holiday let two-year fixed remain broadly stable, with the former reduced by 10bps to 5.45%. The expat holiday let product stays at 5.89% but sees its term extended.

Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Buy-to-let landlords have faced financial pressure from all directions in recent years, be it changes to the tax regime, or rising interest rates. One challenge that persists for them is passing Interest Coverage Ratio (ICR) stress testing.

“By lowering rates across our popular 2-year buy to let and holiday let products, we can help landlords improve their borrowing ability, without having to take a 5-year fixed rate. We recognise their crucial role in the property sector, whether they have a holiday let, UK buy-to-let, or an expat buy-to-let mortgage.”

Grimshaw also emphasised the importance of the expat segment to the Society’s lending strategy.

She said: “Expat buy-to-let is our second largest lending area, with our combination of flexible criteria and manual underwriting making us a go-to home for so many expat cases. We’re keen to continue supporting brokers with clients in this complex market, and we understand the fine balancing act they face, so we’re pleased to be reducing rates on this range.”