Suffolk Building Society has cut rates by up to 30 basis points off its 95% residential mortgages.

The mutual’s residential 95% loan-to-value (LTV) two-year fixed capital and interest has been reduced by 30bps to 5.39% and comes with a maximum loan of £500,000.

The building society is also reducing its rates on fixed buy-to-let (BTL), BTL light refurbishment, expat BTL and holiday let products by up to 30bps.

The BTL 80% LTV five-year fixed capital and interest has been reduced by 30bps to 5.19%, with a maximum loan of £1m.

Meanwhile, the BTL light refurbishment 80% five-year fixed capital and interest has been reduced by 30bps to 5.29% with a maximum loan of £1m.

Suffolk Building Society head of intermediary relations and mortgage sales Charlotte Grimshaw says: “First time buyers are in the spotlight at the moment and rightly so. With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder. It also provides an alternative for those looking to remortgage and borrow extra for home improvements too.”

“We’re also pleased to be able to offer landlords more affordable rates across various Buy To Let product types to help lower their monthly costs. And of course, lower payrates help with BTL affordability, enabling them to access the loan amounts they require.”