It launches a standard residential and an expat residential large loan product
Suffolk Building Society has entered the large loan market, introducing a couple of two-year fixed rate mortgages for loans ranging from £1 million to £2 million.
The offerings include a standard residential large loan product and an expat residential large loan product, both accessible up to 80% loan-to-value (LTV). The new residential large loan product, fixed at 5.19% until April 30, 2026, reverts to the standard variable rate (SVR) minus 1.74% until July 31, 2029, with a 3% floor.
Meanwhile, the expat residential large loan product, available at 6.09%, fixed until April 30, 2026, follows the same SVR minus 1.74% structure until July 31, 2029, with a 3% floor. This option is open to individuals working abroad, receiving payment in sterling or major global currencies, including the euro.
Both products are applicable for purchase and remortgage, on a capital and interest basis. A £199 application fee and a completion fee of 0.10% of the loan amount apply to both offerings. Overpayments of up to 50% of the original balance can be made ERC-free.
The lender has communicated this development to intermediaries through email, and the product pages on the building society’s websites have been updated. The deals can also be found through the Suffolk’s Mortgage Product Finder tool, along with further details on each product.
“We have responded to the growth in house prices, as well as demand from our intermediary and direct clients,” said Andrew Sadler (pictured), key account manager at Suffolk Building Society. “We now offer these larger loans, facilitating higher-value property purchases. With experience in large loans in the self-build market, we can extend this to standard residential borrowers and UK nationals living abroad.
“We have long supported our expat clients and brokers specialising in the expat market. I’m delighted to be able to add another product into this niche area, providing expats with the opportunity to borrow up to £2 million.”
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