Suffolk makes lending criteria changes

The society has increased and standardised the maximum loan size to £1m across its under 80% LTV products.

Suffolk makes lending criteria changes

Suffolk Building Society has made a number of lending criteria improvements, including increased its maximum loan size to £1m.

 

The society has increased and standardised the maximum loan size to £1m across its under 80% loan-to-value (LTV) standard residential, expat residential, expat buy-to-let (BTL), BTL, and holiday let products.

The previous maximum loan size varied between products and ranged from £500,000 to £750,000.

The society will also consider applications from family members across its product range and for BTL applications, and has removed its 10-times indebtedness rule.

Where Suffolk Building Society previously would only consider family Assured Shorthold Tenancy Agreements (ASTs), it will now allow landlords to let their property to three unrelated professionals on a single AST.

Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, said: “These changes are as a result of us continually assessing the marketplace to better understand how we can support intermediaries and their clients.

"We don’t promise to lend to everyone but relaxing our criteria in these four areas means that we can help with a greater number of broker cases, with clients benefitting from our common-sense approach to underwriting.”

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