Suffolk Building Society has implemented significant changes to its lending criteria, enhancing flexibility for brokers and their clients. The society’s recent adjustments aim to broaden access and provide more opportunities for borrowers.
- Geographical restrictions on lending for new-build flats have been removed, allowing a wider range of location choices across England and Wales.
- The maximum allowable height for lending on flats has been increased to 10 storeys, accommodating the growing demand among first-time buyers and urban residents.
- Mortgage applications for homes with annexes are now accepted, catering to evolving family living arrangements.
- Criteria for self-build properties have improved, allowing lending on land with multiple plots and adjacent properties.
Suffolk Building Society’s announcement brings a breath of fresh air into the mortgage market with its broadened lending criteria. The removal of geographical restrictions for new-build flats is a pivotal change, now enabling borrowers to choose properties beyond the confines of Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, and London. This change ensures broader options while maintaining modern safety standards, significantly benefiting clients seeking new opportunities across England and Wales.
Another strategic update is the increase in maximum height eligibility for flats. Prospective buyers can now secure loans for buildings up to 10 storeys, a notable rise from the previous seven-storey limit. This shift is particularly advantageous to first-time buyers and those residing in urban locales where taller buildings are more prevalent.
In an effort to reflect evolving family dynamics, the society is now accepting mortgage applications for properties featuring annexes. Such flexibility is essential for families with changing needs, such as accommodating adult children returning home or providing support for elderly relatives. This move underscores the society’s commitment to addressing diverse family circumstances.
Moreover, the criteria for self-build property lending have been substantially revised. Borrowers can now secure funding for sites comprising up to 10 plots, as opposed to the former single plot limitation. Properties that are adjacent to the borrower’s existing home are also supported, with provisions for title splitting upon project completion. This extension is coupled with the acceptance of outline planning permission during the application phase, provided full approval is secured before project completion.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, articulated the intent behind these updates: “Whatever the location, size of property or a family’s circumstances, these criteria enhancements will offer brokers a greater degree of flexibility for their clients.”
These progressive changes underscore Suffolk Building Society’s commitment to enhancing access and flexibility in mortgage lending.
