Suffolk relaunches with 2.79% discounted rate for mortgages up to £1 million
This rate has been withdrawn.
Suffolk for Intermediaries has re-launched a range of cheap discounted variable mortgage rates although they are unlikely to be around for long.
Furness and Hinckley and Rugby building societies have just pulled their discounted variable rates putting more pressure on the other providers.
Suffolk for Intermediaries offers a 2.79% rate, which has a 3.05% discount from the lender's 5.54% standard variable rate, giving a current rate of 2.79% for 36 months. Applicants will need a 20% deposit to qualify, and the maximum loan is £1 million. The overall cost for comparison is 4.6% APRC representative.
After the discounted period, the mortgage reverts to the lender's current standard variable rate of 5.54%, and there is an application fee of £199 and a completion fee of £500. This product has early repayment charges for two years.
This mortgage must be taken on full capital repayment although there is a more expensive rate if you would prefer interest-only.
Aaron Strutt, product director at Trinity Financial, says: "Fixed rates have gone up a huge amount over the last few weeks so it is nice to have a cheaper mortgage to offer.”
Why don't more borrowers take discounted mortgage rates?
For the moment there is a choice of discounted variable rates, but they are mainly available through smaller building societies.
The Bank of England base rate is likely to rise next month so there is a good chance this rate will increase if the lender raises its standard variable rate.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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