The Suffolk Building Society has launched two new foreign mortgages – a residence (capital and interest) and a purchase (BTL).
Both are three-year deals with a fixed interest rate of 5.49%. Until June 30, 2028, this rate can be locked in purchases and renewals. The highest loan (LTV) of value is 80%, the maximum loan amount is £20 million, foreign residential products are £2 million, and foreign BTL’s £1 million.
Intermediary Charlotte Grimshaw commented on the launch: “We know that many customers are looking for financial stability and these products do that without having to tie the borrower to longer situations, rather than they might feel comfortable.
“The expectation is that in the next few years, interest rates will start to drop, so borrowers may feel that five years of repair is too long and 2 years of transactions are not long enough. We believe our 3-year expat deal is “right” for such borrowers in Goldilocks Zone.”
The Market Harborough Building Society has made a series of enhancements to its residential and LET variable and five-year fixed-rate products.
It has launched a new two-year variable rate product range on its residential and LET Solutions, with an ERC of 2% in the first year of the second year and 1% in the ERC. It also enhances its five-year fixed-rate product with updated ERC
