"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."
- Charlotte Grimshaw, head of intermediary relations and mortgage sales
Suffolk Building Society has announced a series of changes to its lending criteria for different property types.
One of the main changes sees the removal of geographical restrictions for new build flats, which were previously limited to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire and London. Given the house-building targets for the next five years, they Society says accepting across England and Wales offers borrowers greater flexibility in terms of location, while ensuring they move into properties built to the latest safety standards.
The Society has also increased the maximum permitted stories for flats to ten, and will now accept mortgage applications for annexes with separate council tax. Suffolk says the change will "provide greater flexibility for a range of circumstances, be it adult children returning to live at home or to support elderly relatives".
In addition, the Society has improved its lending criteria for self build properties, with lending now available on land with up to ten plots on site (previously only single plots were accepted). Properties adjacent to a current home will also be considered, with the title to be split upon completion. Outline planning permission will now be accepted on application, although full planning - and Building Regulation Approval - is now required prior to 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.”
