Suffolk Building Society has made changes to its lending criteria to offer more flexibility for brokers and their clients.
One significant change is the removal of geographical restrictions for new-build flats, which were previously limited to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, and London.
By accepting new-builds across England and Wales, borrowers now have greater location options while ensuring properties meet modern safety standards.
The society also increased the maximum height for lending on flats to 10 storeys, up from seven, acknowledging that purchasing a flat is a viable choice for many first-time buyers and urban residents.
In addition, Suffolk Building Society will accept mortgage applications for separate annexes, catering to families whose living needs evolve, such as adult children moving back home or elderly relatives needing support.
The society has improved its lending criteria for self-build properties – lending is now available for land with up to 10 plots on site, compared to the previous limit of one plot.
Properties adjacent to an existing home will also be considered, with the title split upon completion.
Outline planning permission will be accepted upon application, but full planning and Building Regulation Approval will be required before completion.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Whatever the location, size of property or a family’s circumstances, these criteria enhancements will offer brokers a greater degree of flexibility for their clients.”
