Suffolk Building Society Announces New Mortgage Deals for Expats and First-Time Buyers

Good news for expats and first-time buyers in the UK! Suffolk Building Society has launched a new shared ownership mortgage and reduced rates on several other products.

Here’s a breakdown of the changes:

• Shared Ownership: They introduced a new 95% loan-to-value (LTV) five-year fixed-rate mortgage for shared ownership properties. This means you can borrow up to 95% of the value of the share you’re purchasing, with a competitive interest rate of 5.25%.
• Lower Rates: They’ve also cut rates on other mortgages, including a five-year fixed-rate residential mortgage and a five-year fixed-rate expat buy-to-let mortgage.

What is Shared Ownership?

Shared ownership is a scheme that allows you to buy a share of a property (typically between 25% and 75%) and pay rent on the remaining share to a housing association. This can be a good option for expats who want to invest in a property in the UK but can’t afford to buy outright.

Benefits of these Deals:

• Affordability: The 95% LTV and lower interest rates can make getting on the property ladder in the UK more affordable, especially for first-time buyers.
• Peace of Mind: The five-year fixed rates offer stability and predictability for your mortgage payments.
• Expat Support: The reduced rate on the expat buy-to-let mortgage makes it easier for expats to invest in rental properties back in the UK.

Overall, these changes from Suffolk Building Society offer a wider range of mortgage options with competitive rates, potentially making homeownership more achievable for expats and first-time buyers in the UK.