Suffolk Building Society has re-entered the shared ownership market with a new competitive two-year fixed rate product.
The new shared ownership mortgage is available at 6.09% until 31 January 2026. The deal, which is available for purchase and remortgage, has the added advantage of no completion fee.
There is a minimum loan size of £75,000, a maximum loan size of £500, 000, and an application fee of £199.
After the initial period, this product has a revert-to rate of the Society’s SVR minus 1.74% (with a 3% floor) until 30 April 2029. The Society’s SVR is currently 8.69%.
However, the Society clarified that all products have a CHAPS fee of £35 and a tiered valuation fee based on property value applies.
It said during the initial mortgage product term, the Society offers fee-free overpayments up to 50% of the original loan amount.
For overpayments in excess of 50% of the original loan amount, or early redemption, an Early Repayment Charge (ERC) applies. For fixed rate products this is 3% for two-year deals.
The Society, which made the announcement today (21 November), said it has communicated this product information to intermediaries via email.
And that it has updated its product pages on its websites.
Suffolk Building Society key account manager Andrew Sadler said: “Shared ownership enables more people to get on the housing ladder, by giving an alternative to the traditional mortgage route.As shared ownership attracts borrowers who may be unable to save up a larger deposit, we are offering this product on a 90% loan-to-value basis.
“We are a Society with a strong social purpose dating back 174 years. Being able to support people to have a place they can call home is at the core of both our lending policy and our charitable aims.”
