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Suffolk BS moves into large loan market

  • 24/01/2024
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Suffolk BS moves into large loan market
Suffolk Building Society has entered into the large loan market with the addition of two-year fixed rates for loans between £1m and £2m.

The standard residential large loan product and the expat residential large loan product will be available up to 80 per cent loan to value (LTV).

The residential large loan product is available at 5.19 per cent and the expat residential large loan deal is 6.09 per cent.

The expat deal is available to those working abroad who are paid in sterling and a range of major global currencies, including the euro.

Both deals are available for purchase and remortgage, on a capital and interest basis.

An application fee of £199 applies along with a completion fee of 0.1 per cent of the loan amount.

Overpayments of up to 50 per cent of the original balance can be paid early repayment charge (ERC) free.

The deal is of “particular benefit” to high-net-worth borrowers as many receive a larger percentage of their income through periodic bonuses and dividends.

Andrew Sadler, key account manager, 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.”

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