The Suffolk Construction Association announced lower interest rates within the scope of its mortgage loans.
Cuts of up to 24bps will affect 14 fixed-rate products. The amount reduced is the purchase, holiday and all expatriate range (purchase, residence and holiday rental).
Examples include, for purchase, LTV 80% LTV two-year fixed fixing, which has cut 14bps to 5.55% (previously 5.69%) until May 31, 2027.
For holidays, fixed 80% LTV has fixed 14bps to 5.65% (previously 5.79%) until May 31, 2027.
For foreign purchases, LET, 80% of LTVs have been reduced by 15bps to 5.70% (from 5.85%) until May 31, 2027.
For foreign homes, 80% of LTVs are fixed at 10bps to 5.69% (from 5.79%) to May 31, 2027.
Meanwhile, the intermediary principality announced (from 18 February) that it had reintroduced many residential mortgages, including two, three-year and five-year LTV products, 65% LTV products; two three-year and five-year LTV products; and 95% of LTV products (including new versions) were fixed in two years.
Lenders have also announced certain interest rate increases – including residential mortgages, opting for two- and three-year 80% LTV products, up to 0.08%; the maximum of 0.25% for 5-year fixed 80% LTV products.
To purchase a mortgage, the five-year LTV product is fixed by 0.09%. For residential mortgages (with cash back) fixed 80% LTV products for five years is 0.21%; for 85% LTV products for two years is fixed 0.20%.
The Principality also confirmed that from 1 March 2025, its standard variable rate (SVR) will be reduced from 7.26% to 7.09%
