The Suffolk Building Society has launched new two and five year 95% LTV patches.
The products, aimed primarily at the first-time buyer market, will also include independent candidates and those looking to buy a new home.
The rate on the two-year contract is 3.25%, fixed until April 30, 2024. After this period, the rate reverts to SVR minus 1.74% until July 31, 2027, with a floor of 3% .
The five-year fixed price is 3.49%, fixed for 60 months from the date of completion.
Both products are available on loans between £75,000 and £500,000 and have an application fee of £199 and a completion fee of £999. Gifted deposits are accepted, provided applicants can demonstrate at least 12 months of rental history.
Charlotte Grimshaw, Suffolk Building Society Intermediary Relations Manager, says: “By offering fixed rates we are able to provide certainty on monthly payments which should bring peace of mind to potential buyers. , amid news of rising inflation, interest rates and energy. prices.”
She says the company recognizes that the path to home ownership has changed and will therefore be accepting donation deposits.
She adds: “The combination of a 95% LTV, the security of a fixed rate and the gifted deposit option will be a really attractive offer for intermediaries and their clients, especially since the option five-year fixed allows us to assess the affordability of the product, pay only the rate and not apply a stressed rate scenario.”