The Suffolk Architecture Association has lowered its interest-only residential products by 16 basis points.
The association’s 80% loan value (LTV) residential interest rate for five years has dropped to 5.09% from 5.25% in 60 months.
Additionally, until August 31, 2027, 80% of residential two-year fixed interest cuts only 16bps to 4.99%.
80% of LTV homes have reduced the two-year discount interest by 15bps to 4.85% in just 24 months.
Additionally, Suffolk has launched a 90% discounted LTV mortgage to help smaller deposits take advantage of the prospect of a decline in the Bank of England base interest rates in the future.
90% of a residential mortgage is a two-year transaction that is available for purchase or cashing out. Its discount rate is 4.95% and the maximum loan amount is £650,000.
“With our change to the repayment tool, we decided to close the interest rate difference between our capital and interest, and our interest products are limited to our interest products, which gives people more choices,” said Charlotte Grimshaw, an intermediary of the Suffolk Building Association.
“This helps people who want to retire the loan, currently only have interest clauses or those who want to move to interest.”
Earlier this week, Suffolk relaxed standards for foreign nationals, foreign borrowers and homeowners who hope to shrink in the future.
