The self-build mortgage is available on a two-year discounted rate of 6.05% – the society’s standard variable rate (SVR) minus 1.69%. Loans are available up to £1m up to 80% loan to value (LTV) for two years.
One condition of the mortgage is to have a UK-based project manager in place to oversee building works.
Criteria improvements for expat mortgages
More broadly, Suffolk Building Society will now accept self-employed expats for buy-to-let (BTL) and holiday let applications.
For all expat application types, up to four borrowers can be added to a mortgage with four incomes. Gifted deposits will also be accepted.
Irish passport holders will now be accepted on expat applications when residing outside the UK or Ireland.
Meanwhile, foreign nationals living in the UK can borrow up to 90% LTV, up from 80%.
Listening to brokers
Charlotte Grimshaw (pictured), head of intermediaries at Suffolk Building Society, said: “Building a home in the UK while living overseas may be unusual, but it’s something brokers are increasingly asking us about.
“With a professional project manager in place, we believe an expat-funded self-build can be just as successful as a self-build carried out by UK-based borrowers.”
She added: “We’ve been improving our expat lending credentials over the past few years, and this is a great set of new enhancements. People living abroad have very different circumstances and needs. Therefore, our products and criteria must genuinely reflect the diversity of these borrowers.”
In December, the firm cut residential rates by up to 0.2%.
