Suffolk re-enters self-build and expat market

The mutual withdrew from the mortgage market on 8 August, a move prompted by extremely high levels of business, resulting in service timescales which were longer than Suffolk was comfortable with.

The new range is open from 20 September for both purchase and remortgage. It includes two self-build products ‒ a two-year discount at 4.09 per cent, available up to 80 per cent loan to value (LTV), and a two-year discount at 4.65 per cent for loans of up to £2m, available up to 70 per cent LTV.

The expat range includes residential products, buy-to-let and holiday let deals. All are discount products, except for a five-year fixed rate for expat buy-to-let, which is available at 4.75 per cent.

Charlotte Grimshaw (pictured), head of intermediary sales at Suffolk Building Society, said that the mutual’s temporary withdrawal from the market had allowed it to work through its pipeline and get timescales down to “more comfortable levels”.

She continued: “We are now pleased to begin our phased return to market with products available for self-build and expat clients. We are also keen to resume lending with a full product range and will be carefully monitoring our pipeline and timescales, with a view to introducing additional options soon – all being well, within the next few weeks.”