Suffolk Building Society reported an 11% growth in its mortgage book to £727m as of 30 November 2023.
The growth is attributed to its focus on specific customer groups, including older borrowers, self-builders, and expats, with residential lending making up 77% of mortgage completions this year.
In feedback, brokers gave the Society a perfect score for its staff in the Smart Money People Mortgage Lender Benchmark survey. They particularly valued the Society’s flexibility and access to decision-makers. Brokers also praised the range of products, especially for niche markets, and the Society’s plans to expand its green product offerings received a positive nod.
Richard Norrington, CEO, said: “Of course, building societies need efficiency and digital innovation, but what really makes the difference is people and products. These remain the most important ingredients of success in the intermediary mortgage market… It’s our people and products that have enabled us to support brokers and borrowers in the niches where we stand apart.”
The Society launched several new products targeting niche markets, including an eco self-build range offering reduced rates for energy-efficient homes and more flexible criteria for older borrowers. Early 2024 saw the introduction of a buy to let light refurbishment product and a move into the large loans market.
The Society has also embarked on a phased rollout of its new mortgage origination platform, Suffolk Online. The platform has been piloted with one of the Society’s mortgage networks.
Suffolk Online allows brokers and their clients to benefit from an improved, and more streamlined experience, whilst remaining fully committed to manual underwriting for all proceeding cases. Suffolk Online will have a wider rollout following a further period of feedback and testing.
