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Spotlight on: self build & renovation

Written by Suffolk Building Society

4 Jul 2022


Self build

6 min read

We’ve been supporting intermediaries with self build & renovation cases for many years, with an expert support team and manual underwriters on hand to help.

Self build isn’t just for new projects, it also covers conversions, renovations and knock down and rebuilds too. Here’s why you should come direct and make self build simple with the Suffolk:

  • 80% LTV to £1m, 70% LTV to £2m+
  • We lend against land value.
  • Flexible stage releases.
  • Interest only available during build.
  • Day one remortgages permitted (as long as your client shows as the landowner on the Land Registry prior to application).

50 seconds on self build.

Case study.

James and David: renovation of a character property.

James and David had bought a beautiful property for £450,000. It had many original features but had not been well maintained.

The windows, roof, kitchen and bathroom all needed replacing and they wanted to add an extension. The work would take at least 6 months and make the property uninhabitable for a time.

The solution.
James and David’s broker came to us – on a self build remortgage we can accept an application as soon as the clients show as owners on the Land Registry. With building reg approval and everything else in place here’s how it worked.

  • Borrowed £300,000 to repay the existing lender and £180,000 to do the work.
  • Took the money in stages as the build progressed and the value increased.
  • We lent up to 80% at each stage
  • On build completion they switched to a retention product without penalty.

The end result.
A happy broker able to place a case, and happy borrowers living in a very smart house now worth nearly £680,000.

Click here to visit our self build & renovation page for more information and useful documents. Or, if you’ve got a case in mind, or just want to chat through our proposition, give us a call on 0330 123 1073.

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