The mutual has a broker arm, Suffolk for Intermediaries, and its key partnerships and product lines offered in England and Wales continue operating as before.
The society manually underwrites and offers application processing times online and a pre-decision in principle offer and 5.5 x income multiple for borrowers earning over £75,000. The lender also offers a range of nuanced lending criteria for older borrowers including a 40-year term for repayment, capped at 95 years of age at term-end for interest-only and is willing to use a percentage of undrawn pension as income.
Network relationships include Mortgage Intelligence, Sesame Bankhall Group, Tenet and Legal & General.
Richard Norrington, CEO of Suffolk Building Society, said: “This significant milestone in the society’s 172-year history is testament to the role of a modern mutual, as we strive for continued success in the mortgage market. Whilst it is a new name, and a new brand, what isn’t changing is the importance of intermediaries to our business model. Our dedicated BDMs, support team and underwriters continue to adopt a personal approach, employing common-sense lending rather than being led by algorithms, meaning we will continue to consider every application on its merits. So, whether an intermediary is placing a case for a first-time buyer, older borrower, a self builder or casual landlord, they can rest assured that we’re still working in the same way, with manual underwriting at the heart of the new Suffolk Building Society.”
The mutual repositioned its intermediary website at www.suffolkforintermediaries.co.uk, following broker feedback which it said offers an improved user experience. The website includes a range of information and resources in a ‘broker toolkit’ to assist intermediaries with the name change.
Norrington added: “Through our new name we recognise that our intermediaries and their clients are wider than Ipswich, but we still wanted to retain a geographic connection to the place we call home – whilst lending across England and Wales.”
The building society confirmed existing cases and clients remain unaffected and it is ‘business as usual.’
