Suffolk Building Society has now launched products across its residential, holiday let and buy to let mortgages, following its phased return to the market on 20 September with expat and self build products.
Charlotte Grimshaw, Head of Intermediary Relations at Suffolk Building Society said: “After the temporary measure to pause our lending activity we are now pleased to return to market with further product options, having recently launched self build and expat deals.
“By adopting this phased approach we have been able to manage a steady inflow of applications whilst progressing cases in our existing pipeline, successfully reducing our service times to a comfortable level. Through this careful management, I am delighted we are now able to offer a wider range of products.
“We are committed to underwriting and progressing cases within a comfortable timeframe, to ensure we’re giving a positive service to brokers and, in turn, their customers.”
The following mortgages will be available to intermediaries from 13 October for purchase and remortgage:
Residential
- 2-year discount rate for loans on a capital and interest basis at the Society’s Standard Variable Rate (currently 5.84%) minus 3.15%, giving a current pay rate of 2.69% for 24 months from the completion date (5.1% APRC)
- 2-year discount rate for loans on an interest only basis at the Society’s Standard Variable Rate (currently 5.84%) minus 2.85%, giving a current pay rate of 2.99% for 24 months from the completion date (5.1% APRC)
- 3-year discount rate for loans on a capital and interest basis at the Society’s Standard Variable Rate (currently 5.84%) minus 3.05%, giving a current pay rate of 2.79% for 36 months from the completion date (5.0% APRC)
- 3-year discount rate for loans on an interest only basis at the Society’s Standard Variable Rate (currently 5.84%) minus 2.75%, giving a current pay rate of 3.09% for 36 months from the completion date (5.0% APRC*)
All residential products have an application fee of £199 and a completion fee of £500. Maximum loan size £1m, minimum £75,000, maximum loan to value (LTV) 80%.
Holiday let
- 2-year discount rate at the Society’s Standard Variable Rate (currently 5.84%) minus 2.25%, giving a current pay rate of 3.59% for 24 months from the completion date (5.4% APRC*)
Application fee £199, completion fee £999. Maximum loan size £1m, minimum £75,000, maximum loan to value (LTV) 80%.
Buy to let
- 2-year discount rate at the Society’s Standard Variable Rate (currently 5.84%) minus 2.39%, giving a current pay rate of 3.45% for 24 months from the completion date (5.6% APRC*)
Application fee £199, completion fee £999. Maximum loan size £1m, minimum £75,000, maximum loan to value (LTV) 80%.
Residential products are available for a maximum 40 year term, with holiday let and buy to let available for a maximum 30 year term. For capital and interest products there is no maximum age at the end of the mortgage term, for residential interest only this is capped at 95.
All products have a CHAPs fee of £35 and a tiered valuation fee based on property value applies. Remortgage applicants benefit from a free valuation and access to fee assisted legal services. During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount.**
Discount products will be subject to the Society’s SVR change from 5.84% to 6.34% effective 1 November 2022.