Changes include the acceptance of five additional currencies for mortgage applications
Suffolk Building Society has made three significant updates to its lending criteria, offering increased flexibility in its decision-making process for borrowers.
The changes include the acceptance of five additional currencies for applications involving residential, expat residential, and regulated buy-to-let products.
Now, the Saudi riyal, Australian dollar, New Zealand dollar, Swedish krona, and Danish krone will be considered alongside previously accepted currencies such as the Euro, Swiss franc, and US dollar, among others.
There are no currency restrictions for standard BTL or holiday let applications.
🚨 New criteria enhancements 🚨
— Suffolk Intermediaries (@suffolk_broker) February 19, 2024
🧵We'll now...
5⃣ Accept five new currencies: Saudi Riyal, Australian Dollar, New Zealand Dollar, Swedish Krona and Danish Krone... pic.twitter.com/zJJgWv027I
In addition, Suffolk Building Society will now consider child maintenance payments arranged outside the court system. This approach allows for family-based arrangements to be recognized, provided they can be evidenced with 12 months of bank statements.
The adjustment aims to acknowledge the financial contributions of parents in varied maintenance agreements, diverging from the norm where many lenders require formal documentation such as a court order.
Lastly, the mutual has expanded its lending parameters for properties in multi-storey buildings. The maximum number of storeys for flats eligible for lending has been increased from five to seven.
The change is intended to support first-time buyers and urban residents. For shared ownership applications, properties in buildings up to 10 storeys will also be considered.
“These criteria enhancements come off the back of a whole raft of new products we’ve already introduced this year,” said Charlotte Grimshaw, head of mortgages at Suffolk Building Society. “It’s terrific to be able to listen to our brokers and respond where we can, to make lending available to a wider range of clients.
“Adding these currencies, and in particular the Saudi Riyal and Australian Dollar, strengthens our expat proposition even further.”
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