Suffolk Building Society has cut rates by up to 20 basis points across 10 fixed-rate mortgage products, including its expat and holiday let ranges, following a fall in swap rates.
The reductions, effective from 11 November, apply to both residential and buy-to-let products on capital and interest and interest-only terms.
The refreshed line-up includes lower rates on expat residential, expat buy-to-let, standard buy-to-let and light refurbishment products, as well as holiday lets. Expat residential borrowers at 80% loan-to-value can now access a five-year fixed capital and interest deal at 5.25%, down from 5.45%, while the interest-only equivalent falls to 5.45%.
At 90% LTV, the expat five-year fixed rate has also been reduced by 20 basis points to 5.55%.
On the buy-to-let side, expat landlords at 80% LTV will see five-year fixed rates drop to 5.45%, while standard buy-to-let customers can now secure a two-year fix at 5.19% or a five-year fix at 5.25%.
Light refurbishment buy-to-let rates are being cut by 11 basis points for the two-year fixed option and by 10 basis points for the five-year fix, to 5.29% and 5.35% respectively.
Holiday let products also see a modest reduction, with the five-year fixed capital and interest rate at 5.29%, down from 5.35%.
In addition, six two-year fixed expat and holiday let products will now come with extended end dates, allowing borrowers to benefit from a full two-year term.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re keen to pass on the benefits of the recently lowered swap rates to brokers and customers.
“There have been multiple reports of potential buyers delaying decisions until after the Budget, and with existing homeowners expressing trepidation over tax increases, these reductions will hopefully be welcome news.
“It improves our overall proposition for those seeking expat and holiday let products for their clients. These have always been important niches for us as a Society, and we remain committed to providing solutions that work for those who need them.
“Our criteria and manual underwriting approach make it possible to find a mortgage to suit even the most unusual of circumstances, and with these latest reductions, we continue to be a good solution for those who don’t fit with the high street.”
