It aims to resume lending with a full product range in the next few weeks
Suffolk Building Society has announced its phased return to lending by introducing a select number of products for self-build and expat applicants.
The mutual said it received an extremely high level of business in July and early August which resulted in service levels exceeding its timescales. It withdrew from the mortgage market on August 8.
“Our temporary measure to withdraw from the market has enabled us to progress pipeline cases and get our timescales down to more comfortable levels,” Charlotte Grimshaw, head of intermediary sales at Suffolk Building Society, explained. “We are now pleased to begin our phased return to market with products available for self-build and expat clients.
“We are also keen to resume lending with a full product range and will be carefully monitoring our pipeline and timescales, with a view to introducing additional options soon – all being well, within the next few weeks.”
Certain mortgage products are now available to intermediaries for purchase and remortgage.
For self-build, Suffolk is offering 80% loan-to-value (LTV) two-year discount at 4.09% with a maximum loan size of £1 million, and 70% LTV large loan two-year discount at 4.65% with a maximum loan size £2 million.
Under the expat residential range, the building society is introducing an 80% LTV two-year discount with capital and interest at 3.65%, and 80% LTV two-year discount with interest only at 3.79%.
Expat buy-to-let products that are now on offer are a two-year discount at 3.99%, and a five-year fixed at 4.75%. The two-year discount at 3.99% is available for expat holiday let.
