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Suffolk BS makes criteria enhancements

  • 19/02/2024
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Suffolk BS makes criteria enhancements
Suffolk Building Society has made three changes to criteria around currencies, child maintenance and maximum storeys for flats.

Suffolk Building Society will now accept an additional five currencies for residential, expat residential and regulated buy-to-let (BTL) products if the applicant is paid in Saudi Riyal, Australian Dollar, New Zealand Dollar, Swedish Krona and Danish Krone.

This is in addition to Euro, Swiss Franc, Norwegian Krone, US Dollar, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, UAE Dirham, Kuwaiti Dinar and Qatari Riyal.

The mutual will adapt how it views child maintenance agreements, which parents agree on outside of the court system.

Suffolk Building Society said that many lenders would only take child maintenance into consideration if formal agreements, like a court order or child maintenance service, were in place.

The lender will accept maintenance payments that parents arrange themselves that can be evidenced via 12 months or bank statements.

Suffolk Building Society said that it would lend on blocks with a maximum height of seven storeys, formerly five. It will also consider up to 10 storeys for shared ownership applications.

The change will help first-time buyers and those that live in towns and cities.

Suffolk Building Society’s head of mortgages, Charlotte Grimshaw, said: “These criteria enhancements come off the back of a whole raft of new products we’ve already introduced this year. It’s terrific to be able to listen to our brokers and respond where we can, to make lending available to a wider range of clients.

“Adding these currencies, and in particular the Saudi Riyal and Australian Dollar, strengthens our expat proposition even further.”

Suffolk Building Society recently launched a standard residential mortgage product, repriced holiday let deals and entered into the large loan market.

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