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New products for self build and renovation cases including £2m loan

Written by Joanne Leek

24 Feb 2022

Tags

Product Changes, Self build

4 min read

For purchase and remortgage of your clients’ self build and renovation projects we now offer fixed and discount deals plus an option for loans up to £2m, all available for new projects, conversions, renovations and knock down & rebuilds.

For loans £75,000 – £1m, up to 80% LTV:

  • NEW 2-year fixed rate at 4.39%, fixed until 30 April 2024
  • 2-year discount rate at SVR minus 1.5%, current pay rate 3.89%

For loans between £1m – £2m, up to 70% LTV:

  • 2-year discount rate at SVR minus 0.75%, current pay rate 4.49%

Charlotte Grimshaw, Head of Intermediary Relation, commented:

“Self build and renovation mortgages continue to be an important focus for the Society, so I’m really pleased to announce that for purchase and remortgage, we now offer an option for £1m – £2m loans. Just over a year ago, we increased our maximum loan for self builds from £750,000 to £1m, and since then we’ve had a number of enquiries for cases exceeding £1m so it’s great to be able to respond to market demand.

“We’re also introducing a new fixed rate self build and renovation product too, up to £1m, providing intermediaries and their clients added choice in a predominantly discount market with very few fixed rate options for self builders, offering some certainty and peace of mind at a time of rising bills.”

Why choose the Suffolk for self build:

  • Available directly to brokers – give us a call to discuss your case.
  • Upon build completion your client can switch penalty free to one of our standard products.
  • Interest only available during the build.
  • Flexible stage releases.   

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