Following its withdrawal from the mortgage market on 8 August, Suffolk Building Society has begun its phased return to lending by introducing a select number of products for self build and expat applicants.
During July and early August, the Society received an extremely high level of business which detrimentally affected its service levels.
The products (available for for purchase and remortgage) are as follows:
Self build:
- 80% LTV 2-year discount @ 4.09% (maximum loan size £1m)
- 70% LTV large loan 2-year discount @ 4.65% (maximum loan size £2m)
Expat residential (all 80% LTV):
- 2-year discount, capital and interest @ 3.65%
- 2-year discount, interest only @ 3.79%
Expat buy-to-let:
- 2-year discount @ 3.99%
- 5-year fixed @ 4.75%
Expat holiday let:
- 2-year discount @ 3.99%
Charlotte Grimshaw (pictured), head of intermediary sales, Suffolk Building Society, said: “Our temporary measure to withdraw from the market has enabled us to progress pipeline cases and get our timescales down to more comfortable levels.
“We are now pleased to begin our phased return to market with products available for self build and expat clients. We are also keen to resume lending with a full product range and will be carefully monitoring our pipeline and timescales, with a view to introducing additional options soon – all being well, within the next few weeks.”