How will the changes affect borrowers?
Suffolk Building Society has introduced changes to its lending criteria, aimed at providing brokers and their clients with greater flexibility. The revised guidelines extend opportunities for borrowers across a wider geographic area and offer more options for various property types.
In a notable update, the Society will now accept new build flats across England and Wales. Previously, lending for these properties was restricted to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, and London. By lifting these geographic limitations, the Society aligns with national house-building targets, giving borrowers more choice in where they can purchase homes built to current safety standards.
Suffolk Building Society has also increased the maximum number of storeys for flats eligible for lending from seven to 10. This adjustment aims to meet the growing demand for high-rise living, especially among first-time buyers and city dwellers. The change is expected to provide more options for those seeking affordable housing in urban areas.
In response to evolving family living arrangements, the Society has relaxed its rules regarding properties with separate annexes. Borrowers can now apply for mortgages on homes with annexes that have their own council tax. This is particularly beneficial for families with adult children returning home or those caring for elderly relatives.
The Society’s self-build criteria has also been broadened. Previously, lending was restricted to single plots, but borrowers can now seek financing for projects involving up to 10 plots on the same site. Additionally, the Society will consider properties adjacent to a borrower’s current home, with the title to be split upon completion. Outline planning permission will now be accepted at the time of application, although full planning approval and Building Regulation compliance will still be required before completion.
Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society, highlighted the benefits of these changes: “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.”
Established in 1849, Suffolk Building Society serves 60,000 members and has over 69,000 savings accounts and 4,500 mortgage accounts. It has nine branches across Suffolk, including in Aldeburgh, Saxmundham, and Halesworth. About 80% of the Society’s members live in the East of England.
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