Added: 07 April 2022
Suffolk Building Society has today announced a rate reduction on a number of discount products across a range of mortgage types, including its 2 year discount self build and renovation large loan mortgage, to recognise the growing appetite for self build projects.
Previously priced at 4.49%, the 2 year discount large loan product is available for purchase and remortgage, and is now repriced to 4.19% (SVR of 5.54% minus a discount of 1.39%) for 24 months from completion date.
It is available at 70% LTV with a minimum loan of £1m, a maximum loan of £2m, an application fee of £199 and a completion fee of 0.25% of the loan.
The large loan product originally launched on 22 February 2022 to sit alongside the existing self build and renovation deals, which remain available up to a maximum loan size of £1m.
Suffolk Building Society recently announced its latest financial results which saw self build completions up by 53% and a 120% increase in self build advances for the year ending 2021. As an important area for the Society, the lender was keen to respond to demand and provide more competitively-priced options to intermediaries and their self build clients.
Charlotte Grimshaw, Head of Mortgage Intermediaries said: “During lockdown, more people gave serious thought to what they wanted from their living spaces, especially given the prevalence of remote working, prompting many to plan their dream home and begin exploring self build options.
“Increased demand for housing, and fast moving housing stock has also made it difficult for some people to find a property that meets their needs through traditional methods, so they’re also looking into self build options. Typically people think of self build as projects from the ground up, but that’s often not the case. We are seeing applications right across the spectrum, from entirely new builds through to renovations and conversions on existing properties, as well as people knocking down an existing structure and rebuilding.”
“Of course, building your own property also means you can prioritise energy efficiency as standard, of increasing importance as people face mounting utility bills combined with a desire to reduce their carbon footprint.”
“We hope the newly discounted large loan will be useful for brokers who have growing numbers of self build clients, who are becoming increasingly ambitious with their builds.”