Suffolk Building Society has launched new two-year and five-year fixes at 95% LTV. 

The products, aimed primarily at the first-time buyer market, will also include self-employed applicants and those looking to buy a new-build home. 

The rate on the two-year deal is 3.25%, fixed until 30 April 2024. After this period the rate reverts to SVR minus 1.74% until 31 July 2027, with a 3% floor. 

The five-year fix is priced at 3.49%, fixed for 60 months from the date of completion. 

Both products are available on loans between £75,000 and £500,000 and have an application fee of £199 and completion fee of £999. Gifted deposits are accepted, provided the applicants can demonstrate at least a 12-month rental history. 

Suffolk Building Society head of intermediary relations Charlotte Grimshaw says: “By offering fixed rates, we’re able to provide certainty over monthly payments, which should bring peace of mind to prospective home buyers, amid news of rising inflation, interest rates, and energy prices.”

She says the society recognises that the route to home ownership has changed so will be accepting gifted deposits. 

She adds: “The combination of 95% LTV, the security of a fixed rate, and the gifted deposit option will be a really compelling deal for intermediaries and their clients, especially as the five-year fixed option means we can assess affordability on product pay rate only and not apply a stressed rate scenario.”