Suffolk Building Society has entered the large loan market, with the introduction of a pair of two-year fixed-rate mortgages for loans between £1m and £2m.
The standard residential large loan product, and the expat residential large loan product are both available up to 80% loan to value (LTV).
The new residential large loan product is available at 5.19%, fixed until 30 April 2026, and reverts to the SVR minus 1.74% until 31 July 2029 (with a 3% floor).
The expat residential large loan product is available at 6.09%, fixed until 30 April 2026, and reverts to the SVR minus 1.74% until 31 July 2029 (with a 3% floor). This is available to those working abroad who are paid in sterling and a range of major global currencies, including the euro.
Both products are available for purchase and remortgage, on a capital and interest basis.
An application fee of £199 applies to both products as does a completion fee of 0.10% of the loan amount.
Overpayments of up to 50% of the original balance can be paid ERC-free on all of the Society’s products. The mutual says this is of particular benefit to high-net-worth borrowers, many of whom receive a larger percentage of their income through periodic bonuses and dividends.
Andrew Sadler, key account manager at Suffolk Building Society, said: “We have responded to the growth in house prices, as well as demand from our intermediary and direct clients. We are pleased to now offer these larger loans, allowing higher value property purchases. We have experience of large loans in the self build market, and we can now extend this to standard residential borrowers and UK nationals living abroad.
“We have long supported our expat clients and brokers specialising in the expat market. I’m delighted to be able to add another product into this niche area, providing expats with the opportunity to borrow up to £2m.”