Suffolk Building Society has combined two of its core lending areas to serve expat borrowers looking to build their own home.

The new expat self build and renovation product launches with a two-year discount at 6.05% (SVR minus 1.69%), up to £1 million, up to 80% loan-to-value (LTV), for 24 months.

The society has also enhanced its proposition for foreign nationals based in the UK, with an increase to 90% LTV from 80%.

Suffolk Building Society will now accept self-employed expats for buy-to-let (BTL) and holiday let applications.

The society will also accept up to four applicants, four incomes on all expat applications including residential, BTL, holiday let and joint borrower sole proprietor.

In addition, gifted deposit contributions will be accepted on expat applications and Irish passport holders will be accepted on expat applications, when residing outside the UK or Ireland.

The new proposition is subject to the usual self-build criteria and the appointment of a UK-based project manager to oversee the build.

Suffolk Building Society head of intermediaries Charlotte Grimshaw says: “Building a home in the UK while living overseas may be unusual, but it’s something brokers are increasingly asking us about. With a professional project manager in place, we believe an expat-funded self-build can be just as successful as a self build carried out by UK-based borrowers.”

Grimshaw adds: “The additional enhancements will further strengthen our expat offering and allow us to say yes to more cases, supporting brokers and their customers.”

Last month, Suffolk announced rate cuts of up to 20 basis points on C&I and interest only residential mortgages.