Suffolk Building Society has announced further changes to its lending criteria to provide greater flexibility when making lending decisions for brokers and their clients.
New build flats now accepted across England and Wales
One of the main changes sees the removal of geographical restrictions for new build flats (which were previously limited to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire and London). Given the house-building targets for the next five years, accepting across England and Wales offers borrowers greater flexibility in terms of location, while ensuring they move into properties built to the latest safety standards .
Maximum storeys for flats increased to 10
The Society will permit lending on blocks with a maximum height of 10 storeys (previously seven). It recognises that purchasing a flat is a good option for many first time buyers, as well as town and city dwellers, so it has relaxed its criteria accordingly.
Acceptance of separate annexes
As a family’s needs change over time, so do their living requirements. In order to provide greater flexibility for a range of circumstances, be it adult children returning to live at home or to support elderly relatives, the Society is now accepting mortgage applications for annexes with separate council tax too.
Self build changes
In addition, the Society has improved its lending criteria for self build properties, with lending now available on land with up to 10 plots on site (previously only single plots were accepted). Properties adjacent to a current home will also be considered, with the title to be split upon completion. Outline planning permission will now be accepted on application, although full planning – and Building Regulation Approval – is now required prior to completion.
Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society, said “Whatever the location, size of property or a family’s circumstances, these criteria enhancements will offer brokers a greater degree of flexibility for their clients.”