Suffolk Building Society has announced mortgage rate reductions across its five-year fixed residential products.
Cuts of between 0.1% and 0.2% have been made.
This includes a five-year fixed capital and interest mortgage at 80% loan to value (LTV), which has gone down from 4.99% to 4.79%.
A five-year fixed interest-only product at the same lending tier has been reduced by 0.2% to 5.09%, while at 90% LTV, Suffolk Building Society has lowered the pricing of a five-year fixed capital and interest mortgage by 0.2% to 4.99%.
Meanwhile, a five-year fixed capital and interest deal at 95% LTV has been reduced by 0.1% to 5.29%.
The products are available for purchase and remortgage.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “We’re making this move because borrowers shouldn’t have to choose between the security of a longer-term deal and a great rate. There is still some uncertainty in the market, particularly for first-time buyers and those who are new to homeownership, and so we know that there is demand for good all-around five-year deals.
“Not everyone will want or need a five-year fix but it’s a good product for any broker to have in their armoury. We also take multiple sources of income into consideration and offer 40-year terms, so we can provide that extra comfort factor around affordability for brokers and their clients.”
MPowered Mortgages launches sub-4% mortgage rates
MPowered Mortgages has made reductions of up to 0.27% to its mortgage rates, with pricing now starting at 3.87%.
These changes apply to the lender’s two-, three- and five-year fixed rates, with the lowest being its five-year fix at 60% LTV.
The product is priced at 3.87% with a £999 fee or 3.97% with no fee.
Its three-year fixed rate mortgage at the same tier has been reduced to 3.99% with a £999 fee or 4.17% with no fee. Meanwhile, its two-year fixed rates, also at 60% LTV, have been lowered to 4.24% with a £999 fee and 4.44% with no fee.
Stuart Cheetham, CEO of MPowered Mortgages, said: “We are delighted to be cutting rates yet again, now offering sub-4% rates across three- and five-year fixed rates. With lenders cutting rates literally daily, at the moment, this is great news for borrowers, making it an ideal time to purchase a home as well as bringing welcome relief to homeowners who are due to remortgage.
“Borrowers should always seek advice so that they find the best deal that meets their needs and based on true cost.”
These changes follow reductions to the lender’s three-year fixed rates, which were announced last week.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
