Suffolk BS and Market Harborough BS cut specialist and standard rates

Suffolk Building Society has reduced rates on its two-year residential and holiday let mortgages.

Suffolk Building Society’s two-year residential fixed mortgage rates have been reduced by up to 30 basis points (bps), while holiday lets are down 11bps.

This follows the society’s recent product refresh and rate reduction across its expat range.

Highlights of the residential rate cuts include:

• The 80% loan to value (LTV) two-year fix has been reduced by 30bps to 4.99%, with a maximum loan of £2m
• The 95% LTV two-year fix has been reduced by 20bps to 5.69%, with a maximum loan of £500,000

In its holiday let range, with a maximum loan size of £1m, the society’s 80% LTV two-year fix has been reduced by 11bps to 5.69%.

Charlotte Grimshaw, head of intermediary relations and mortgage sales, said: “We’re pleased to see confidence returning with would-be buyers and movers buoyed by reduced interest rates. As the Bank of England’s rate cut hit in early August, it’s also quite likely that we haven’t yet seen its full impact.”

Market Harborough BS cuts bridging rates

Meanwhile, Market Harborough Building Society has reduced its residential and buy-to-let (BTL) fixed mortgage rates by 0.2% across its range of two-, three- and five-year products.

The lender has also expanded its short-term range, with products now available up to £5m, and its maximum LTV has been extended to 70%.

Iain Smith, Market Harborough Building Society’s head of mortgage distribution, said: “We’re listening to our broker partners and working with them to make it even easier for them to place cases with us as we continue our drive to be best for brokers.”