Suffolk Building Society has introduced two new products to its range, aimed at expat borrowers and those self-building.
The first product is a 5-year fixed rate expat buy-to-let (BTL) mortgage, at 6.39%, with a maximum loan-to-value (LTV) of 80%.
The mortgage has a minimum loan size of £75,000, a maximum of £1m, appication fees of £199 and completion fees of £1,499.
The second is a 2-year discount rate at 6.29% – standard variable rate (SVR) minus 2.40% – for self-build borrowers looking for a large loan of £1m to £2m.
This product has a maximum 70% LTV, application fees of £199 and completion fees of 0.15% of the total loan amount.
After the initial period, this reverts Suffolk Building Society’s SVR minus 0.50%, with a 3% floor, for 36 months.
Andrew Sadler, key account manager at Suffolk Building Society, said: “The introduction of a 5-year expat BTL product will widen our appeal to expats, providing a longer-term fixed rate option to this target market, supporting those looking for rate security over an extended period.
“The return of the self build large loan product will enable us to support customers with larger self build or renovation projects.
“A long-time champion of this type of borrowing, we waive the Early Repayment Charge (ERC) for all self builders and renovators who switch to a follow-on product.
“There is also a lower interest rate follow-on product available to those whose finished build, or renovation, achieves Energy Performance Certificate (EPC) A or B.
“Both of these products are competitive, allowing us to offer more choice to brokers and borrowers in these niche markets.”
