Suffolk Building Society has added a new residential three-year fixed rate product to its range which will be fixed at 5.95% until 31 December 2026.

The product is available for first time buyers and homeowners with an 80% LTV. It will revert to SVR minus 1.74% until 31 March 2029, with a 3% floor.

For borrowers with a 90% LTV, the Society has launched a three-year fixed rate product at 6.29% for purchases and remortgages.

Both products are available for capital and interest repayment and have a minimum loan size of £75k. The 80% LTV deal has a maximum loan size of £1m, with £500k being the upper limit for the 90% LTV deal. Both have an application fee of £199, and a completion fee of £999.

In addition, the Society has lowered the rates on its existing range of two-year fixed rate residential, buy-to-let, holiday let and expat (both residential and buy-to-let) by up to 24bps.

Andrew Sadler, key account manager at Suffolk Building Society, said: “As the market begins to look a little more competitive, we’re delighted to add these three-year fixed rate products to our range, giving intermediaries and their clients more choice. It also offers borrowers more certainty over a longer period of time.”