Reductions across Suffolk BS discount range – and important changes to features. Effective 4 January 2023.
Suffolk BS have made a range of rate reductions across Residential, Expat and Holiday Let products. Take a look below.
They have also introduced a floor on both the initial rates and revert to rates. Scroll to the bottom of the email to find out what this means to you and your clients.
Rate reductions and new floor info:
Residential
80% 2 Year Discount C&I reduced to 3.69% (SVR minus 3.25%), 3% floor
80% 3 Year Discount C&I reduced to 3.69% (SVR minus 3.25%), 3% floor
80% 2 Year Discount IO reduced to 3.89% (SVR minus 3.05%), 3% floor
Buy to Let
2 Year Discount reduced to 4.39% (SVR minus 2.55%), 4% floor
Holiday Let
2 Year Discount reduced to 4.65% (SVR minus 2.29%), 4% floor
Expat
Residential C&I 2 Year Discount reduced to 4.70% (SVR minus 2.24%), 4% floor
Residential IO 2 Year Discount reduced to 4.84% (SVR minus 2.10%), 4% floor
Buy to Let 2 Year Discount reduced to 4.75% (SVR minus 2.19%), 4% floor
Holiday Let 2 Year Discount reduced to 4.89% (SVR minus 2.05%), 4% floor
What does the floor mean for my clients?
Our discount product range now includes a floor rate on both the initial rate and any applicable revert to rate. For example, the product “Residential 80% 2 Year Discount @ 3.69%” will have a 3% floor applied to both the initial rate and the revert to rate (SVR minus 1.74%), before changing to our SVR for the rest of the term.
For products without a revert to rate, the floor will only apply to the initial rate. For example, the product “Buy to Let 2 Year Discount @ 4.39% (4% floor for 2 years)”, will change to our SVR for rest of term without a floor.