Suffolk Building Society recently revised its lending criteria to increase flexibility, benefiting brokers and their clients.
- The Society has removed geographical restrictions on new-build flats, now allowing applications from across England and Wales.
- Lending criteria for high-rise flats have been changed, with the maximum allowable height increased to 10 storeys.
- Applications for separate annexes are now accepted, providing more options for evolving family needs.
- Criteria for self-build properties have been expanded, supporting more comprehensive property development projects.
Suffolk Building Society has introduced significant changes to its lending criteria, aimed at enhancing flexibility for brokers and their clients. Notably, the geographical limitations previously applied to new-build flats, which confined them to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, and London, have been lifted. This change paves the way for borrowers to consider new-build properties across England and Wales, ensuring these dwellings adhere to modern safety standards, thereby broadening options for potential homeowners.
The Society’s lending policy on flats has also seen a significant adjustment. The allowable height of flats eligible for lending has been extended from seven to ten storeys. This change reflects an understanding that high-rise living is becoming increasingly viable for first-time buyers and those residing in urban areas, aligning with contemporary housing trends.
Furthermore, Suffolk Building Society will now accept mortgage applications for separate annexes, addressing the dynamic living arrangements of modern families. This policy shift accommodates families that might need additional space for adult children returning home or elderly relatives requiring care, thus recognising the diverse needs of borrowers.
In a bid to facilitate property development, the Society has broadened its lending criteria for self-build projects. Previously, lending was confined to land with a single plot; however, the new terms allow for up to 10 plots on a site. Additionally, properties adjacent to existing homes will be considered, with the condition that the title is divided upon project completion. While outline planning permission is required at the application stage, full planning and Building Regulation Approval must be secured before the project’s conclusion.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, emphasised the benefits of these changes by stating, “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.”
Suffolk Building Society’s enhanced lending criteria significantly broaden opportunities for borrowers and brokers.
