Suffolk Building Society has launched a new mortgage specifically designed to help first-time buyers purchase a home through shared ownership.
The new mortgage has a fixed interest rate of 5.25% for five years and allows buyers to borrow up to 95% of the property’s value. This means that buyers could secure their home with a deposit of just 5%.
Other Mortgage Deals Also Reduced
In addition to the new shared ownership mortgage, Suffolk Building Society has also reduced rates on a number of other mortgages:
- 95% LTV residential five-year fix (C&I): reduced by 10 basis points to 5.39% for 60 months
- 95% LTV shared ownership two-year fix: reduced by 15 basis points to 5.60% until 31 October 2026
- 80% LTV holiday let five-year fixed: reduced by 10 basis points to 5.69% for 60 months
- 80% LTV expat buy-to-let five-year fixed: cut by 29 basis points to 5.80% for 60 months
Helping First-Time Buyers and Expats
Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales at Suffolk Building Society, said that the new shared ownership mortgage would help to “provide peace of mind” for first-time buyers who are struggling to get on the property ladder.
She added that the reduced rates on expat buy-to-let mortgages would also be “further supporting British expats living and working abroad”.