Suffolk Building Society is cutting its expat residential mortgages by up to 55 basis points (bps), following its recent announcement that it will now accept five new currencies for expat residential products.
This takes the Society’s expat residential two-year fixed rate (capital and interest) to 5.59% (previously 6.09%). With a maximum loan size of £1m, this product has a £199 application fee and £999 completion fee.
The expat residential two-year fixed rate, large loan (capital and interest) is also repriced, to 5.59% and has a maximum loan size of £2m. The application fee is £199 and the completion fee is 0.10% of the loan amount.
In addition, the expat residential two-year fixed rate (interest only) has been cut by 55bps from 6.44% to 5.89%. This deal has a maximum loan size of £500k, an application fee of £199 and a completion fee of £999.
All three products are available up to 80% LTV and allow overpayments of up to 50% of the original loan amount.
Suffolk Building Society is also adding new deals which offer a lower rate and a 3% completion fee. In doing so, this will help landlords increase their maximum available loan when using the stressed ICR (Interest Coverage Ratio).
The new deals are:
- Buy-to-let two-year fixed at 4.79%.
- Expat buy-to-let two-year fixed at 5.29%.
The application fee for both products is £199 and the completion fee is 3% of the loan amount. Overpayments are permitted up to 50% of original loan amount. Both deals are available for loans up to 80% LTV and a maximum loan size of £1m.
Charlotte Grimshaw, head of mortgages at Suffolk Building Society, said: “We’re pleased to announce we’re reducing our rates across our expat ranges, further supporting the new currencies we’ve recently introduced for expat residential.
“While mortgage rates remain higher than previous years, we understand that achieving their desired loan amount has become an issue for many buy-to-let landlords. By offering a lower initial rate, with a higher fee, we’re providing an alternative option for those landlords who might prefer to pay a higher fee for a lower monthly mortgage payment.”