It attributes growth to investment in people and products
Suffolk Building Society reported an 11% growth in its mortgage book, reaching £727 million, for the financial year ending November 2023.
The mutual said a significant portion, 77%, of the year’s mortgage completions came from residential lending.
Suffolk has expanded its lending criteria to cater to specific market niches, including older borrowers, self-build enthusiasts, and expatriates.
Feedback from brokers and members has also been overwhelmingly positive for the lender, according to the latest Mortgage Lender Benchmark survey conducted by Smart Money People. Suffolk Building Society received a perfect score of 100% in the People category, outperforming the building society average of 92.5% and an overall lender score of 81.25%.
“Of course, building societies need efficiency and digital innovation, but what really makes the difference is people and products,” said Richard Norrington (pictured), chief executive of Suffolk Building Society. “These remain the most important ingredients of success in the intermediary mortgage market.
“We can see in our results it’s our people and products that have enabled us to support brokers and borrowers in the niches where we stand apart: expats, older borrowers, holiday let owners, and self-builders.
“Our specialism of lending in niche markets, and our relationships with brokers in these key areas, have continued to play a crucial part in our achievements.”
Suffolk’s eco self-build product range, launched in October 2023, offers a reduced interest rate for projects achieving an ‘A’ or ‘B’ energy performance certificate (EPC) rating. The lender has also removed the maximum age for interest-only borrowing for older borrowers, considering SIPP and pension pot values in addition to drawdowns.
Early 2024 has also seen the introduction of additional products, including a buy-to-let light refurbishment product, no-early repayment charge products, and an entry into the large loans market. It has also broadened its criteria to accept more currencies, including the Australian dollar and Saudi riyal.
On the intermediary side, Suffolk Building Society has commenced a phased rollout of its new mortgage origination platform, Suffolk Online, initially piloted with a mortgage network. The platform aims to offer brokers and their clients a streamlined experience while maintaining a commitment to manual underwriting.
“2023 saw strong mortgage performance in a year where headlines have been dominated by continuing inflationary pressure, rising interest rates and the cost of living,” Norrington said. “As the cost-of-living crisis has become a huge concern for many, supporting members has become even more important.
“We continued to balance the needs of both our savings and mortgage members when making interest rate decisions. We were also one of the first building societies to sign up to the government’s Mortgage Charter.
“We continue as a fiercely independent mutual society, with both digital and face-to-face customer service at the heart of our savings model. We also have an excellent reputation and positioning within the intermediary market for mortgages.”
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