Suffolk Building Society has announced rate reductions across its two-year fixed residential and expat mortgage products, with cuts of up to 24 basis points.
The repricing follows recent shifts in the Bank of England base rate and softening swap rates, with the lender keen to pass on the savings to borrowers.
The changes apply to seven products across the society’s residential and expat residential ranges. All products are available to borrowers in or approaching retirement, with no maximum age at either application or maturity of the mortgage term.
The lender’s standard 2-year fixed residential product at 80% LTV, capital and interest, has dropped from 5.09% to 4.85%, while the 80% LTV interest-only equivalent has been reduced to 5.15% from 5.35%. The 90% and 95% LTV deals have also seen cuts of 20bps and 19bps respectively, with the 95% product now priced at 5.35%.
On the expat side, the society’s 80% LTV capital and interest product has fallen from 5.59% to 5.39%, while the interest-only version now stands at 5.59%. The highest LTV in the expat range, at 90%, is now priced at 5.70%, down from 5.90%.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said the repricing reflects the society’s commitment to offering competitive rates and supporting underserved borrower segments.
“It’s great to take advantage of the base rate cut and lower swap rates to reprice down and pass on the benefits to borrowers,” she said.
“It’s especially pleasing to offer these lower rates to brokers with later life clients, those with complex income, or minor credit blips, as this is a large part of our UK residential lending portfolio.”
