Suffolk Building Society has introduced two new products to its range.
The first is a new five-year fixed rate expat buy-to-let mortgage, available at 6.39%. This maximum 80% LTV deal has a minimum loan size of £75k, a maximum loan size of £1m, an application fee of £199, and a completion fee of £1,499.
The second product is a new two-year discount mortgage at 6.29% (SVR minus 2.40%) aimed at self-builder borrowers who require a large loan size of £1m-£2m. This is a 70% maximum LTV deal with an application fee of £199 and a completion fee of 0.15% of the total loan amount. After the initial period, this product has a revert-to rate of the Society’s SVR minus 0.50% (with a 3% floor) for 36 months.
Andrew Sadler, key account manager at Suffolk Building Society, said: “The introduction of a five-year expat buy-to-let product will widen our appeal to expats, providing a longer-term fixed rate option to this target market, supporting those looking for rate security over an extended period.
“The return of the self-build large loan product will enable us to support customers with larger self-build or renovation projects. A long-time champion of this type of borrowing, we waive the Early Repayment Charge (ERC) for all self-builders and renovators who switch to a follow-on product. There is also a lower interest rate follow-on product available to those whose finished build, or renovation, achieves Energy Performance Certificate (EPC) A or B.
“Both of these products are competitive, allowing us to offer more choice to brokers and borrowers in these niche markets.”