The mutual has also upped the maximum loan size for its expat holiday let deals to £1m.
The firm said that this would give overseas customers a “better deal if they are looking to keep a foothold on the UK property ladder, achieve a passive income while abroad, and have somewhere to stay during trips back home.”
The maximum loan size for its 90% loan to value (LTV) residential mortgages goes to £650,000, and it’s £1m for 80% LTV interest-only UK and expat residential products.
The lender’s two-year discount at 80% LTV is 5.79%, a fall of 0.15%, and its two-year fixed rate has fallen by 0.1% to 5.99%. Its five-year fixed rate at the same LTV tier has decreased by 0.2% to 5.89%.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Expat lending is one of our specialist niches and so we are committed to meeting the growing demand from both brokers and their clients in this market.
“By refreshing our rates, we aim to provide competitive and flexible options catering to the needs of expat borrowers around the world, ensuring they have the support and financial products to make the most of investment opportunities.”
She continued: “We have amassed enough experience during the last few years to now be in a position where we can increase the maximum loan size for expat holiday let in line with other similar products such as standard holiday let, standard buy-to-let and expat buy-to-let products.”
Earlier this month, Suffolk Building Society lowered rates for its five-year fixed rate residential deals.
Principality BS cuts residential and residential cashback rates
Principality Building Society will lower rates for residential mortgages and residential cashback mortgages by up to 0.25%.
The changes will come into force from 20 September.
In its residential mortgage range, the firm’s two-, three- and five-year fixed rates at 65% LTV have decreased by up to 0.18%, and at 75% LTV, they will fall by around 0.2%.
At 80% LTV, two-, three- and five-year fixed rates will reduce by 0.25%.
Joint borrower sole proprietor (JBSP) mortgages at 75% and 80% LTV will go down by 0.17% and 0.25% respectively on both two- and five-year fixed rate terms.
For residential cashback mortgages, two- and five-year fixed rates at 65% LTV will decrease by 0.18%, and at 75% LTV, the reduction is 0.1%. At 80% LTV, it will go down by 0.2%.
