Suffolk Building Society has launched a standard residential mortgage deal without early repayment charges and cut selected holiday let offers by 20 basis points.
The mutual says its new capital and interest repayment residential mortgage is available for purchase and remortgage on a two-year discount deal at 5.69% (standard variable rate-minus 3.00%), up to 80% loan to value.
It has a minimum loan size of £75,000, a maximum loan size of £1m, an application fee of £199, and a completion fee of £999. After 24 months, the product has a revert-to rate of the society’s standard variable rate of 1.74% (with a 3% floor) for 36 months.
Suffolk Building Society key account manager Andrew Sadler says: “Many homeowners will be taking stock of the UK’s housing market at present — trying to determine what might happen to both house prices and interest rates. We’re pleased to be offering this new product which allows borrowers additional flexibility.
“Although interest rates have come down from their peak, we appreciate that it is still an uncertain time for brokers and their clients.
“We hope our new residential mortgage with no early repayment charges will be welcomed by those who, understandably, are not ready to lock into a fixed rate right now.”
The business has also reduced its two- and five-year fixed-rate holiday let mortgage offers by 20bps to 6.09% and 5.79%, respectively.
