Lender makes the move amid growing number of self-build clients
Suffolk Building Society has announced a rate reduction on a number of discount products across a range of mortgage types, including its two-year discount self-build and renovation large loan mortgage.
Previously priced at 4.49%, the two-year discount large loan product is available for purchase and remortgage, and is now repriced to 4.19% (SVR of 5.54% minus a discount of 1.35%) for 24 months from completion date.
It is available at 70% LTV with a minimum loan of £1 million, a maximum loan of £2 million, an application fee of £199 and a completion fee of 0.25% of the loan.
The large loan product originally launched in February to sit alongside the existing self-build and renovation deals, which remain available up to a maximum loan size of £1 million.
The move comes shortly after Suffolk Building Society announced its latest financial results, which saw self-build completions up by 53% and a 120% increase in self-build advances for the year ending 2021. As an important area for the lender, it was keen to respond to demand and provide more competitively priced options to intermediaries.
Charlotte Grimshaw, head of mortgage intermediaries at Suffolk, said that during the lockdown, more people gave serious thought to what they wanted from their living spaces, especially given the prevalence of remote working.
“Increased demand for housing, and fast-moving housing stock has also made it difficult for some people to find a property that meets their needs through traditional methods, so they’re also looking into self-build options,” Grimshaw noted.
“We hope the newly discounted large loan will be useful for brokers who have growing numbers of self-build clients, who are becoming increasingly ambitious with their builds,” she said.
