Suffolk BS resumes residential, buy-to-let and holiday let lending

Suffolk BS resumes residential, buy-to-let and holiday let lending

Suffolk Building Society has returned to residential, holiday let and buy-to-let lending with products at 80 per cent loan to value (LTV).

This is the next stage of the mutual’s phased return to the market after it returned to lending on 20 September with expat and self-build mortgages. 

Suffolk Building Society temporarily withdrew business in August to protect its service levels and process its pipeline. 

Residential products include two and three-year discounted rate mortgages. The two-year option with a capital and interest repayment structure has a rate of 2.69 per cent, which is the mutual’s standard variable rate (SVR) minus 3.15 per cent. The three-year option has a rate of 2.79 per cent, which is the SVR minus 3.05 per cent. 

There are also discounted interest-only options, and the two-year deal has a rate of 2.99 per cent, which is the SVR minus 2.85 per cent. The three-year mortgage is priced at 3.09 per cent, which is 2.75 per cent lower than the SVR. 

Suffolk Building Society’s current SVR is 5.84 per cent but is set to rise from 1 November to 6.34 per cent.  

 

Buy to let and holiday let

For buy-to-let borrowers, there is a two-year discount product with a rate of 3.45 per cent and there is a two-year holiday let deal which is currently priced at 3.59 per cent. 

The mortgages are available for purchase and remortgage. 

Charlotte Grimshaw (pictured), head of intermediary relations at Suffolk Building Society said: “After the temporary measure to pause our lending activity we are now pleased to return to market with further product options, having recently launched self-build and expat deals. 

“By adopting this phased approach, we have been able to manage a steady inflow of applications whilst progressing cases in our existing pipeline, successfully reducing our service times to a comfortable level. Through this careful management, I am delighted we are now able to offer a wider range of products. 

“We are committed to underwriting and progressing cases within a comfortable timeframe, managing our service level agreements to ensure we’re giving a positive service to brokers and, in turn, their customers.” 

Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.

She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.

Follow her on Twitter at @ShekinaMS

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