Suffolk Building Society has launched new residential and landlord home loans today (10 July) up to 34 basis points higher than late last week when it pulled selected mortgages.
Among the changes, the mutual’s two-year capital and interest fixed-rate 50% loan-to-value deal was pulled on Friday, returning 30bps higher at 4.99%.
Its two-year expat residential two-year capital and interest fixed-rate 50% LTV offer, returns up 34bps at 5.99%.
And its two-year expat buy-to-let two-year fixed-rate 50% LTV mortgage, returns 14bps higher at 6.09%.
For deals in progress, its decision in principle deadline is 5pm on 11 July, and the application deadline is 5pm on 19 July.
The mutual says the move is “reflective of current market conditions” following the Bank of England hiking the base rate by 50 basis points to 5% last month, its 13th rate rise in a row since December 2021, taking it to the highest level in 15 years.
Suffolk Building Society chief executive Richard Norrington says: “We hope that both intermediaries and direct applicants will understand the necessity to make this decision.
“This action will allow us to protect service levels, to manage business levels in line with our overall strategy, whilst allowing us to remain present in each product area and to continue to support the market, brokers, and their customers.”
Meanwhile, Market Harborough Building Society also says that its fixed-rate mortgage rates will be withdrawn and replaced at 5pm today, its second repricing in a month.
It emailed brokers about the change on Friday, in line with its policy of providing a minimum of 24 hours’ notice about withdrawals.
The mutual previously lifted its loans in late June.
Market Harborough Building Society head of sales Richard Saunders says: “We’re re-pricing our range in response to market conditions and have provided our intermediary partners with over 24 hours’ notice to help them submit any cases before the withdrawal.
“We recognise that during this period we need to continue to work closely with them to help deliver the best outcome for their clients.”
Financial markets are currently betting that the BoE bank rate will hit 6.5% next March as it battles inflation, while JP Morgan forecasts the rate could touch 7% next year.
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