According to the lender, self-employed and new build house applications are accepted, and gifted deposits are accepted where applicants can demonstrate they have at least a 12-month rental history. Both products are available at 95% LTV with a minimum loan of £75,000, a maximum loan of £500,000, an application fee of £199 and completion fee of £999:
2-year fixed-rate, priced at 3.25%, fixed until 30 April 2024, with a revert-to rate of SVR minus 1.74% until 31 July 2027 with a 3% floor.
5-year fixed-rate, priced at 3.49%, fixed for 60 months from the date of completion.
Charlotte Grimshaw, Head of Intermediary Relations at Suffolk Building Society, said: “By offering fixed rates, we’re able to provide certainty over monthly payments, which should bring peace of mind to prospective home buyers, especially amid news of rising inflation, interest rates, and energy prices.
“We’re also really pleased to be able to welcome gifted deposits from renters who have family support as a route to homeownership. We recognise that the way people get on the property market has changed; gathering a lump sum for a deposit can be difficult, especially for those currently renting, and so increasing numbers of parents and grandparents are helping out family members in this way.
“The combination of 95% LTV, the security of a fixed rate, the maximum loan size, and the gifted deposit option will be a really compelling deal for intermediaries and their clients, especially as the 5-year fixed option means we can assess affordability on product pay rate only and not apply a stressed rate scenario.”
