Suffolk Building Society has reduced its rate on various discount products across a range of mortgage types.
The 70% LTV two-year discount has been cut from giving an initial rate of 4.49% to 4.19% – a discount of 1.35%.
It is available with a minimum loan of £1m and a maximum loan of £2m. The product has an application fee of £199 and a completion fee of 0.25% of the loan.
Meanwhile, the large loan product will remain available up to a maximum loan size of £1m.
Suffolk Building Society’s 2021 year-end financial results showed that self build completions increased by 53% while self build advances were up by 120%.
The lender explained that it was keen to respond to demand and provide more competitively-priced options to intermediaries and its self build clients.
Suffolk Building Society head of mortgage intermediaries Charlotte Grimshaw says: “During lockdown, more people gave serious thought to what they wanted from their living spaces, especially given the prevalence of remote working, prompting many to plan their dream home and begin exploring self build options.”
“Increased demand for housing, and fast moving housing stock has also made it difficult for some people to find a property that meets their needs through traditional methods, so they’re also looking into self build options.”
“Typically people think of self build as projects from the ground up, but that’s often not the case. We are seeing applications right across the spectrum, from entirely new builds through to renovations and conversions on existing properties, as well as people knocking down an existing structure and rebuilding,” Grimshaw adds.
