Suffolk Building Society is reducing the rates on its five-year fixed rate residential mortgages.
The mutual is taking off 10-20 basis points (bps).
The following are now available for both purchase and remortgage:
- 80% LTV five-year fixed capital and interest has been reduced by 20bps to 4.79%, max loan £2m.
- 80% LTV five-year fixed interest only has been reduced by 20bps to 5.09%, max loan £750k.
- 90% LTV five-year fixed capital and interest has been reduced by 20bps to 4.99%, max loan £500k.
- 95% LTV five-year fixed capital and interest has been reduced by 10bps to 5.29%, max loan £500k.
Charlotte Grimshaw (pictured), 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.”