Lender has a new expat BTL and self-build mortgage offering
Suffolk Building Society has introduced a couple of new products to its range – an expat buy-to-let and a self-build mortgage product.
The new five-year fixed rate expat BTL mortgage is available at 6.39% at up to 80% loan-to-value (LTV). The deal has a minimum loan size of £75,000, a maximum loan size of £1 million, an application fee of £199, and a completion fee of £1,499.
Meanwhile, the new two-year discount at 6.29% (SVR minus 2.40%) for self-build borrowers who require a large loan size of £1 million to £2 million is available at up to 70% LTV. It has an application fee of £199 and a completion fee of 0.15% of the total loan amount. After the initial period, this product has a revert-to rate of the society’s SVR minus 0.50% (with a 3% floor) for 36 months.
The rollout of the new products follows the lender’s launch of a new eco self-build mortgage product, designed to support borrowers and renovators who want to construct or renovate energy efficient homes.
“The introduction of a five-year expat BTL product will widen our appeal to expats, providing a longer-term fixed rate option to this target market, supporting those looking for rate security over an extended period,” said Andrew Sadler (pictured), key account manager at Suffolk Building Society.
“The return of the self-build large loan product will enable us to support customers with larger self-build or renovation projects. A long-time champion of this type of borrowing, we waive the early repayment charge for all self-builders and renovators who switch to a follow-on product.
“Both of these products are competitive, allowing us to offer more choice to brokers and borrowers in these niche markets.”
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